Except for special relativity which is deductive, theories and models in today's fundamental physics are empirical, that is, essentially equivalent to the "empirical models" defined he

"The objective of curve fitting is to theoretically describe experimental data with a model (function or equation) and to find the parameters associated with this model. Models of primary importance to us are mechanistic models. Mechanistic models are specifically formulated to provide insight into a chemical, biological, or physical process that is thought to govern the phenomenon under study. Parameters derived from mechanistic models are quantitative estimates of real system properties (rate constants, dissociation constants, catalytic velocities etc.). It is important to distinguish mechanistic models from empirical models that are mathematical functions formulated to fit a particular curve but whose parameters do not necessarily correspond to a biological, chemical or physical property." http://collum.chem.cornell.edu/docum...ve_Fitting.pdf

For a deductive theory, "guessing the equation" could be an initial step but then it is obligatorily followed by "deducing the equation" (from a few simple axioms). For an empirical theory, "guessing the equation" is both the initial and final step:

Richard Feynman: "Dirac discovered the correct laws for relativity quantum mechanics simply by guessing the equation. The method of guessing the equation seems to be a pretty effective way of guessing new laws." http://dillydust.com/The%20Character...rksid erg.pdf

Technically, the difference between a deductive and an empirical model is as follows. You cannot introduce any changes to your DEDUCTIVE model that are not deducible from the initial axioms (postulates). In contrast, an EMPIRICAL model "can forever be amended":

Sabine Hossenfelder (Bee): "The criticism you raise that there are lots of speculative models that have no known relevance for the description of nature has very little to do with string theory but is a general disease of the research area. Lots of theorists produce lots of models that have no chance of ever being tested or ruled out because that's how they earn a living. The smaller the probability of the model being ruled out in their lifetime, the better. It's basic economics. Survival of the 'fittest' resulting in the natural selection of invincible models that can forever be amended." http://www.math.columbia.edu/~woit/wordpress/?p=9375

Before 1915 theoretical physics was mainly deductive. In 1915 things changed. Here Michel Janssen describes endless empirical groping, fudging and fitting until "excellent agreement with observation" was reached:

Michel Janssen: "But - as we know from a letter to his friend Conrad Habicht of December 24, 1907 - one of the goals that Einstein set himself early on, was to use his new theory of gravity, whatever it might turn out to be, to explain the discrepancy between the observed motion of the perihelion of the planet Mercury and the motion predicted on the basis of Newtonian gravitational theory. [...] The Einstein-Grossmann theory - also known as the "Entwurf" ("outline") theory after the title of Einstein and Grossmann's paper - is, in fact, already very close to the version of general relativity published in November 1915 and constitutes an enormous advance over Einstein's first attempt at a generalized theory of relativity and theory of gravitation published in 1912. The crucial breakthrough had been that Einstein had recognized that the gravitational field - or, as we would now say, the inertio-gravitational field - should not be described by a variable speed of light as he had attempted in 1912, but by the so-called metric tensor field.. The metric tensor is a mathematical object of 16 components, 10 of which independent, that characterizes the geometry of space and time. In this way, gravity is no longer a force in space and time, but part of the fabric of space and time itself: gravity is part of the inertio-gravitational field. Einstein had turned to Grossmann for help with the difficult and unfamiliar mathematics needed to formulate a theory along these lines. [...] Einstein did not give up the Einstein-Grossmann theory once he had established that it could not fully explain the Mercury anomaly. He continued to work on the theory and never even mentioned the disappointing result of his work with Besso in print. So Einstein did not do what the influential philosopher Sir Karl Popper claimed all good scientists do: once they have found an empirical refutation of their theory, they abandon that theory and go back to the drawing board. [...] On November 4, 1915, he presented a paper to the Berlin Academy officially retracting the Einstein-Grossmann equations and replacing them with new ones. On November 11, a short addendum to this paper followed, once again changing his field equations. A week later, on November 18, Einstein presented the paper containing his celebrated explanation of the perihelion motion of Mercury on the basis of this new theory. Another week later he changed the field equations once more. These are the equations still used today. This last change did not affect the result for the perihelion of Mercury. Besso is not acknowledged in Einstein's paper on the perihelion problem. Apparently, Besso's help with this technical problem had not been as valuable to Einstein as his role as sounding board that had earned Besso the famous acknowledgment in the special relativity paper of 1905. Still, an acknowledgment would have been appropriate. After all, what Einstein had done that week in November, was simply to redo the calculation he had done with Besso in June 1913, using his new field equations instead of the Einstein-Grossmann equations. It is not hard to imagine Einstein's excitement when he inserted the numbers for Mercury into the new expression he found and the result was 43", in excellent agreement with observation." https://netfiles.umn.edu/users/janss...0page/EBms.pdf

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