With the launches of the Chandra X-ray Observatory (CXO) and the X-ray Multimirror Mission (XMM), high resolution X-ray spectroscopy of cosmic sources has begun. Early, deep observations of three stellar coronal sources will provide not only invaluable calibration data, but will also give us benchmarks for the atomic data under collisional equilibrium conditions. Analysis of the Chandra X-ray Observatory data, and data from other telescopes taken simultaneously, for these stars is ongoing as part of the Emission Line Project. Goals of the Emission Line Project are (1) to determine and verify accurate and robust diagnostics and (2) to identify and prioritize issues in fundamental spectroscopy which will require further theoretical and/or laboratory work. The Astrophysical Plasma Emission Database will be described in some detail, as it is introducing standardization and flexibility into X-ray spectral modeling. Spectral models of X-ray astrophysical plasmas can be generally classified as dominated by either collisional ionization or by X-ray photoionization. While the atomic data needs for spectral models under these two types of ionization are significantly different, there are overlapping data needs, as I will describe. Early results from the Emission Line Project benchmarks are providing an invaluable starting place, but continuing work to improve the accuracy and completeness of atomic data is needed. Addtionally, we consider the possibility that some sources will require that both collisional ionization and photoionization be taken into account, or that time-dependent ionization be considered. Thus plasma spectral models of general use need to be computed over a wide range of physical conditions. ©2000 American Institute of Physics.