Different detailed finite element model alternatives are developed to come up with the most reliable finite element model of the sandwich panel, with the actual honeycomb core geometry, to evaluate the existing equivalent continuum models of aluminum honeycomb cores. Finite element models of sandwich panels with effective elastic constants of the honeycomb core are generated based on the existing continuum models of the honeycomb core. The evaluation of the effective elastic constants of honeycomb cores is based on the comparison of the total reaction forces, calculated by both finite element models, on the supported faces of sandwich panels due to different in-plane and out-of-plane uniform input displacements applied to the faces of the panels. The results show that the reliability of the individual in-plane and out-of-plane effective elastic constants of the existing continuum models of the honeycomb cores can be successfully evaluated based on the comparative study.