Regenerative compressed air energy storage (RCAES) system is a practical and efficient solution to large-scale integration of renewable energy problems faced by power systems currently. Appropriately modeling of RCAES system is critical to its practical application, whereas research in this area has been very limited. According to the energy storage and transformation process, a concise model of RCAES system applicable to power scheduling field is proposed. Then, a unit commitment model with RCAES system is formulated as a MILP problem which can be accurately solved with high computation efficiency by CPLEX. A modified IEEE 39 bus system is used to study the impacts of parameters of RCAES system on unit commitment and the effectiveness of the proposed model is then validated. Furthermore, the proposed model can also be employed to optimize key parameters of RCAES system, e.g. efficiency and capacity of each part in an integrated way.