The microstructure of the Ni-based superalloy IN100 processed by a powder metallurgy route was evaluated to reveal the structures, volume fractions, distributions, and chemistries of the various phases present. These data were compared with those predicted by computational thermodynamics. It is shown that the microstructural parameters expected on the basis of global equilibrium conditions differ significantly from those measured experimentally. However, modification of these calculations by use of constrained and successive equilibria compensated for kinetic effects and led to accurate (or better) predictions of phase volume fractions and chemistries in this alloy. This demonstrated that such modified phase equilibria calculations could be powerful tools for modeling microstructures, even in complex multicomponent alloys processed under nonequilibrium conditions.