Recently, as CSMA technique has been increasingly adopted in various wireless networks, extensive researches to analyze the statistical characteristics of CSMA-based wireless networks have been done. Despite the ongoing efforts, there still remain many difficulties in the analysis because of unexpectable operational behavior of CSMA. Previous literature studying CSMA networks used the concept of the carrier sensing radius to reflect the carrier sensing function. However, since the carrier sensing radius based on the protocol model is not affected by the aggregate interference from other nodes, the derived statistical models cannot avoid approximation errors especially if the network is under high interference. In this paper, we propose an algorithm to derive the carrier sensing radius considering the physical model, where the carrier sensing radius reflecting the aggregate interference is found. For the purpose of this, we analyze the aggregate interference model and the behavior of CSMA function. Based on the analysis, we propose an iterative approximation algorithm for the physical carrier sensing radius. Extensive simulations and results show that the proposed algorithm can contribute to considerably reduce the statistical modeling error of a CSMA network under various channel conditions.