We describe the analysis of effective area measurements for the AXAF High Resolution Mirror Assembly (HRMA) and the AXAF CCD Imaging Spectrometer (ACIS). The measurements were obtained at the X-ray Calibration Facility (XRCF) in Huntsville, AL, during April 1997. Measurements obtained with two frontside-illuminated (FI) charge-coupled devices (CCDs) in the imaging array and the backside-illuminated (BI) CCD located on-axis in the spectroscopic array are considered. We compare the XRCF effective area measurements to independent, semi-empirical model predictions constructed using the product of the efficiencies of the AXAF components. The XRCF measurements, in general, confirm the reliability of the model at most energies, but only after correcting the data for several effects related to event pileup. However, after applying the corrections, the uncertainties in the XRCF measurements remain uncomfortably large. We suggest several future avenues of investigation that should improve our knowledge of the HRMA + ACIS effective area.