A number of relative permeability models were present in the literature, which were used to generate relative permeability data for the fluids, present in the porous medium. Some models were more significant to reservoir geology and displacement system (imbibitions and drainage system), while developing the correlations. Similarly, the same is kept in mind while performing reservoir studies. Therefore, in this study different models based on displacement system and formation geology have been compared, while including the effect of fluid saturation distribution/end point saturation in a reservoir. The generated relative permeability data by using these models have been further used to predict the reservoir performance for gas and water-displacement systems. The results based on this study showed that at lower saturations of displacing fluid (gas and/or water), the generated reservoir performance curves based on relative permeability data generated by using Corey and Wylie and Gardner models, gives higher degree of deviation on comparative basis. The behavior of these error or deviation curves for displacing phase is opposite in case of gas and water-oil displacement systems. While in case of displaced phase (oil), generally analogous behavior can be observed for both systems in terms of deviation/ error profiles trends. These reservoir performance curve(s) are of utmost significance in developing reservoir in an appropriate manner and a slight variation in relative permeability data can have a significant impact at macroscopic level.