Methods, systems and computer program products for identifying components of an unknown mixture using spectral analysis techniques. The method includes comparing the spectrum of the unknown mixture with the spectra of library compounds to obtain candidate mixture combinations. A model is generated for each of the candidate mixture combinations based on a modeling metric. A residual spectrum is computed corresponding to each of the candidate mixture combinations by removing the spectrum of each of the compounds of the candidate mixture combination from the spectrum of the unknown mixture. One or more potential compounds are identified by comparing the residual spectrum with the spectrum of library compounds. The potential compounds are added to the candidate mixture combinations to generate an updated list of the candidate mixture combinations. The search algorithm repeats the steps described above on the updated candidate mixture combinations, until a first termination condition is satisfied.