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If I'm in a hand where I feel that 1) villain has a marginal hand that I have good FE against and 2) I have a lot of outs, then I don't really look at it as bluffing--any $$ I put in the pot has positive equity, so I'm really just betting my strong hand.
"Bluffing," I would define as more pure FE. I don't think there's any mathematical model you could make for it, considering all the factors involved, including position, pot size, chip stacks, villain's range, hero's table image, and most importantly probably, villain's stats.
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