Nitinol (NiTi) alloys are gaining extensive attention due to their excellent mechanical, superelasticity, and biocompatibility properties. It is difficult to model the complex mechanical behavior of NiTi alloys due to the solid-state diffusionless phase transformations, and the differing elasticity and plasticity presenting from these two phases. In this work, an Auricchio finite element (FE) model was used to model the mechanical behavior of superelastic NiTi and was validated with experimental data from literature. A Representative Volume Element (RVE) was used to simulate the NiTi microstructure, and a microscale study was performed to understand how the evolution of martensite phase from austenite affects the response of the material upon loading. Laser Powder Bed Fusion (L-PBF) is an effective way to build complex NiTi components. Porosity being one of the major defects in Laser Powder Bed Fusion (L-PBF) processes, the model was used to correlate the macroscale effect of porosity (1.4–83.4%) with structural stiffness, dissipated energy during phase transformations, and damping properties. The results collectively summarize the effectiveness of the Auricchio model and show that this model can aid engineers to plan NiTi processing and operational parameters, for example for heat pump, medical implant, actuator, and shock absorption applications.