Simulink is the de facto industrial standard for designing embedded control systems. When dealing with the formal verification of Simulink models, we face the problem of translating the graphical language of Simulink, namely, hierarchical block diagrams (HBDs), into a formalism suitable for verification. In this paper, we study the translation of HBDs into the compositional refinement calculus framework for reactive systems. Specifically, we consider as target language an algebra of atomic predicate transformers to capture basic Simulink blocks (both stateless and stateful), composed in series, in parallel, and in feedback. For a given HBD, there are many possible ways to translate it into a term in this algebra, with different tradeoffs. We explore these tradeoffs, and present three translation algorithms. We report on a prototype implementation of these algorithms in a tool that translates Simulink models into algebra terms implemented in the Isabelle theorem prover. We test our tool on several case studies including a benchmark Simulink model by Toyota. We compare the three translation algorithms, with respect to size and readability of generated terms, simplifiability of the corresponding formulas, and other metrics.