The miscibility of poly(epsilon-caprolactone) (PCL) with poly(styrene-co-4-hydroxystyrene) (PHS) copolymers was investigated as a function of comonomer composition experimentally and with calculations by two models; the binary interaction model and the association model. PCL was found to be completely miscible with PHS copolymers containing 5 or more mole percent of 4-hydroxystyrene (HS) comonomer units for the entire range of blend compositions. Segmental interaction densities, B(ij)s, were determined by the analysis of the equilibrium melting point depression and by the application of the binary interaction model. By correlating the segmental interaction energy densities with the binary interaction model, thermodynamic miscibility is for comonomer composition over five mole percent of 4-hydroxystyrene, which is in agreement with the experimental phase behavior. Application of the association model for specific interactions to blends also predicts the experimental miscibility boundary and phase behavior for all the PHS copolymers/PCL blends.