This paper assesses the reliability of the infinite cylinder model used previously in the literature to simulate blood oxygenation level dependent (BOLD) signal changes. A three-dimensional finite element method was applied to a realistic model of the cortical vasculature, and the results compared with those generated from a simple model of the vasculature as a set of independent, randomly oriented, infinite cylinders. The realistic model is based on scanning electron microscopy measurements of the terminal vascular bed in the superficial cortex of the rat. Good agreement is found between the two models with regard to the extravascular R(2)* and R(2) dependence on the cerebral blood volume and blood oxygenation fraction. Using the realistic model, it is also possible to gain further understanding of the relative importance of intravascular and extravascular BOLD contrast. A simple parameterisation of the dependence of the relaxation rates on relative cerebral blood volume and blood-tissue susceptibility difference was carried out, allowing discussion of the variation in the form of the haemodynamic response with field strength.