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A delay differential equation-based model for passive mode locking in semiconductor lasers is shown to offer a powerful and versatile mathematical framework to simulate quantum-dot lasers, thereby offering an invaluable theoretical tool to study and comprehend the experimentally observed trends specific to such systems. To this end, mathematical relations are derived to transform physically measured quantities from the gain and loss spectra of the quantum-dot material into input parameters to seed the model. In the process, a novel approach toward extracting the carrier relaxation ratio for the device from the measured spectra, which enables a viable alternative to conventional pump-probe techniques, is presented. The simulation results not only support previously observed experimental results, but also offer invaluable insight into the device output dynamics and pulse characteristics that might not be readily understood using standard techniques such as autocorrelation and frequency-resolved optical gating.