We present an analysis of the integrated properties of the stellar populations in the Universidad Complutense de Madrid Survey of Halpha-selected galaxies. In this paper, the first of a series, we describe in detail the techniques developed to model star-forming galaxies using a mixture of stellar populations, and taking into account the observational uncertainties. We assume a recent burst of star formation superimposed on a more evolved population. The effects of the nebular continuum, line emission and dust attenuation are taken into account. We also test different model assumptions including the choice of specific evolutionary synthesis model, initial mass function, star formation scenario and the treatment of dust extinction. Quantitative tests are applied to determine how well these models fit our multi-wavelength observations for the UCM sample. Our observations span the optical and near infrared, including both photometric and spectroscopic data. Our results indicate that extinction plays a key role in this kind of studies, revealing that low- and high-extinction objects may require very different extinction laws and must be treated differently. We also demonstrate that the UCM Survey galaxies are best described by a short burst of star formation occurring within a quiescent galaxy, rather than by continuous star formation. A detailed discussion on the inferred parameters, such as the age, burst strength, metallicity, star formation rate, extinction and total stellar mass for individual objects, is presented in paper II of this series. Comment: 18 pages, 8 PostScript figures, minor changes to match the published version