Miniaturization and on-chip integration are major lines of research in many branches of science and technology developments, undoubtedly in sensor technology. Fluxgate magnetometers are very sensitive, and accurate magnetic sensors able to detect weak fields both AC and DC, which in recent years saw a great effort in minimizing their dimensions, weight, and power consumption. The physics behind the fluxgate principle is rather complex and makes simulations difficult and only partially used in the literature. The limited physical access to micro sensors for measurements and the need to optimize the entire integrated system, including the sensor geometry and the excitation and readout circuits, make numerical analyses particularly useful in the design of miniaturized sensors. After a thorough review of the miniaturized solutions proposed so far, the present paper examines in detail the possibility of adopting a model based approach for designing miniaturized fluxgate sensors. The model of the fluxgate effect of two different technologies proposed in the literature has been implemented to benchmark simulation results with real data. In addition to the advantages for an optimized design, the implementation and computational challenges of the numerical analyses are precisely outlined.