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This study explores the implementation of two large micro-channel heat exchangers as evaporators in a refrigeration cycle intended for thermal management onboard future space vehicles. Examined are thermal performances of the two heat exchangers, thermodynamic performance of the refrigeration cycle, and system instabilities. Because of quality differences, different two-phase flow patterns and dryout effects are encountered in the two heat exchangers. A trade-off exists between optimum performances of the evaporators and compressor, with former favoring outlet quality values below unity to guard against dryout, and the compressor favoring a quality equal to or exceeding unity to preclude internal damage to the compressor from entrained droplets. Thermodynamic analysis of the refrigeration cycle shows exergy destruction is minimum when the avionics HX’s outlet quality is close to unity. The system is shown to be susceptible to instability resulting from interactions between compressible volumes both upstream and downstream of the condenser, and inertia of liquid in the condenser. This instability is manifest by pressure oscillations that are sensitive to both flow rate and evaporator heat input. [ABSTRACT FROM AUTHOR]