Optical coherence tomography (OCT) provides both structural and angiographic imaging modes. Because of its unique capabilities, OCT-based angiography has been increasingly adopted into small animal and human subject imaging. To support the development of the signal and image processing algorithms on which OCT-based angiography depends, we describe here a Monte Carlo-based model of the imaging approach. The model supports arbitrary three-dimensional vascular network geometries and incorporates methods to simulate OCT signal temporal decorrelation. With this model, it will be easier to compare the performance of existing and new angiographic signal processing algorithms, and to quantify the accuracy of vascular segmentation algorithms. The quantitative analysis of key algorithms within OCT-based angiography may, in turn, simplify the selection of algorithms in instrument design and accelerate the pace of new algorithm development.