Thermal management of photovoltaics (PV) is significant to improve the performance of PV panel. A novel passive cooling techniques with PCM, fins, and water was developed in the previous research work conducted by the authors. The objective of this paper is to numerically simulate the performance of the cooling technique. An attempt to predict the temperature is made with the considered cooling technique. With the numerical analysis aimed for 5 W panel, the model is studied for its validation and applicability to large-scale PV panels. The governing equations are sorted out from the literature review. This research is performed using ANSYS software to simulate the preliminary model. The research outcomes show that the numerical results have a deviation of about 1.6% for uncooled PV and 9% for cooled PV when compared with the experimental results. This deviation is primarily attributed to the unaccounted losses due to wind velocity, water temperature and varying irradiation that occurs while performing the real time experimentation. Which was not considered in the proposed Finite Element Analysis (FEA) modelling.