Momentum exchange theory has been generally used for an analysis of the regenerative turbomachines due to its direct description of the complicate circulatory flow. However, because its application is limited only to linear region and its model equations are incomplete on three variables, it needs further refinements. In the present study it is improved by introducing a central pivot of circulatory flow. Also, by assuming linear circulatory velocity distribution, mean radii of inlet and outlet flows through the impeller are newly suggested. By applying control volume analysis to both linear region and the acceleration region, the governing equation on the circulatory velocity is derived. As a result, systematic performance analysis on the entire region of the incompressible regenerative turbomachines can be carried out based on the proposed model equations.