A number of papers have been published describing various System Dynamics (SD) models of Higher Education institutions and issues, on topics including the role of SD in Corporate Governance, Planning, Resourcing & Budgeting, Teaching Quality, Teaching Practice, Microworlds and Enrolment Demand. This paper builds on previous papers that provided a catalogue and classification of this work in order to highlight potential areas of research in this field of study and to identify system archetypes at different hierarchical levels and discover new ones. This paper therefore presents an updated taxonomy of System Dynamics Models in Higher Education. This paper builds on the earlier taxonomy by widening the scope of the survey of completed SD investigations in higher education management. The findings from these investigations are briefly described. The taxonomy classifies the completed investigations into six specific areas of concern and five hierarchical levels.