International research has revealed different roles of mathematics in the practices of engineers and some implications of mathematics teaching for engineering students. Modeling and mathematical models have proven to be valuable tools for their professional work and for their teaching process. This study identifies opportunities offered by a process of analysis of a mathematical model in the training of engineers. For this analysis, an interpretation of mathematical models as an object–user–representation triad was used; mathematical models were also considered a pedagogical approach to mathematics teaching. Based on this approach, a qualitative study was developed. A teaching experiment was designed, in which, through a set of tasks, the analysis of a model describing the percentage of moisture removed in a radial airflow food dryer is considered. Results show that students evidenced a comprehension of the model function as a covariation relationship and implemented strategies for understanding it through the graphs in the model. The situated character of students’ reasoning and their experience with professional practices of engineers are also highlighted.