Due to tremendous worldwide changes, the entrepreneurial imperative demands innovation. Therefore, companies as well as employees require innovative thinking and acting skills to cope with modern challenges. Opportunity Recognition represents the starting point for such entrepreneurial endeavours. Hence, this paper focuses on modelling Opportunity Recognition as well as the development of an Opportunity Recognition competence model as the foundation for teaching and learning in vocational education. Building on vocational situations that trigger innovations ("opportunities") and the necessary competence facets that are needed to apply competent vocational behaviour in such situations ("Opportunity Recognition"), we conduct a systematic literature review and develop a comprehensive Opportunity Recognition competence model. We thereby link the found vocational situations (opportunities) with the found more abstract and latent competence facets of Opportunity Recognition and operationalise them by more observable indicators, which can be construed as evidence for the latent construct and related to successful performance in associated vocational situations. This modelling procedure of "evidence-based reasoning" allows inferences from the observed behaviour to the underlying, although not directly observable, Opportunity Recognition competence. The resulting Opportunity Recognition competence model may serve as a foundation for developing evidence-based curricular goals for vocational education through both instruction and assessment.