In relation to the bulk high‐impact polystyrene process, this work investigates the partition between phases of styrene and an initiator: tert‐butyl peroctoate. A Flory‐Huggins model was applied for predicting the phase separation point and the partitions of styrene and tert‐butyl peroctoate. For blends of styrene, polystyrene, and a styrene‐butadiene diblock copolymer, the model provides reasonable predictions of a ternary equilibrium diagram. For blends of styrene, polystyrene, polybutadiene, and tert‐butyl peroctoate, the partition of tert‐butyl peroctoate was measured at 25 °C. At emulated conversions of 13% or lower, equilibrium was reached after 1 h of mixing time. For the higher molar masses and conversion of 16%, equilibrium was not reached after 24 h of mixing time. To fit the equilibrium measurements, the solubility parameter of tert‐butyl peroctoate was adjusted.