The Industry 4.0 concept of a Digital Twin will bring many advantages for wind energy conversion systems, e.g., in condition monitoring, predictive maintenance and the optimisation of control or design parameters. A virtual replica is at the heart of a digital twin. To construct a virtual replica, appropriate modelling techniques must be selected for the turbine components. These models must be chosen with the intended use case of the digital twin in mind, finding a proper balance between the model fidelity and computational load. This review article presents an overview of the recent literature on modelling techniques for turbine aerodynamics, structure and drivetrain mechanics, the permanent magnet synchronous generator, the power electronic converter and the pitch and yaw systems. For each component, a balanced overview is given of models with varying model fidelity and computational load, ranging from simplified lumped parameter models to advanced numerical Finite Element Method (FEM)-based models. The results of the literature review are presented graphically to aid the reader in the model selection process. Based on this review, a high-level structure of a digital twin is proposed together with a virtual replica with a minimum computational load. The concept of a multi-level hierarchical virtual replica is presented.