1. A computer usable program product comprising a non-transitory computer usable storage medium including computer usable code for modeling memory compression, the computer usable code comprising: computer usable code for receiving a subset of candidate pages from a set of candidate pages used in executing a workload in a data processing system, a candidate page being compressible uncompressed data in a memory associated with the data processing system; computer usable code for compressing the subset of candidate pages in a scratch space; computer usable code for computing a compressibility of the workload based on the compression of the subset of candidate pages; computer usable code for receiving page reference information of the subset of candidate pages; computer usable code for determining a memory reference rate of the workload; and computer usable code for presenting a recommendation about a memory compression model for the workload based on the determined memory reference rate of the workload, in the data processing system.