A computational study including sensitivity, non-dimensional, and steady-state analyses of the gas phase kinetics associated with chemical oxygen-iodine lasers (COIL) was performed to develop simplified kinetic models and assess kinetic limitations to laser performance. A minimal set of eleven reactions is presented that adequately reproduces the time evolution of the major chemical constituents as described by the standard COIL kinetic model. The impact of poorly determined rate coefficients is assessed through a linear sensitivity analysis. By transforming the rate equations to a non-dimensional form, scaling laws for iodine fraction, singlet oxygen yield, and water content are developed. Finally, an approximate analytic solution to the iodine dissociation problem is established for a broad range of reagent concentrations. The current study is limited in applicability due to the exclusion of chemical heat release, fluid dynamic, and reactive mixing phenomena.