Finite element modeling of planar 4:1 contraction flow (isothermal incompressible and creeping) around a sharp entrance corner is performed for favored differential constitutive equations such as the Maxwell, Leonov, Giesekus, FENE-P, Larson, White-Metzner models and the Phan Thien-Tanner model of exponential and linear types. We have implemented the discrete elastic viscous stress splitting and streamline upwinding algorithms in the basic computational scheme in order to augment stability at high flow rate. For each constitutive model, we have obtained the upper limit of the Deborah number under which numerical convergence is guaranteed. All the computational results are analyzed according to consequences of mathematical analyses for constitutive equations from the viewpoint of stability. It is verified that in general the constitutive equations proven globally stable yield convergent numerical solutions for higher Deborah number flows. Therefore one can get solutions for relatively high Deborah number flows when the Leonov, the Phan Thien-Tanner, or the Giesekus constitutive equation is employed as the viscoelastic field equation. The close relationship of numerical convergence with mathematical stability of the model equations is also clearly demonstrated.