A two-phase cooling system for an electrified vehicle includes a condenser, a first electronic drive module (EDM), a high voltage battery, a first vapor compression loop and a second vapor compression loop. The first EDM includes a first electric motor and a first power inverter module (PIM). The high voltage battery powers the first EDM. The first vapor compression loop provides cooling to the first EDM and includes a first liquid-vapor separator and a first pump that draws subcooled liquid from the condenser through the first liquid-vapor separator and directs the cooling liquid to the first EDM. A controller: receives driver inputs indicative of a thermal limit of the cooling system; determines, based on the driver inputs, that the thermal limit will be reached in a short future timeframe; and commands, based on the determination, the first compressor to increase compressor speed.

When at least one of a first condition that a set compressor rotational speed is equal to or less than a compressor rotational speed limit set in advance based on a predetermined noise regulation value and a second condition that a set fan rotational speed is equal to or less than a fan rotational speed limit set in advance based on the predetermined noise regulation value is not satisfied, a cooling device sets a corrected compressor rotational speed such that noise generated with actuation of a compressor and a fan reaches the predetermined noise regulation value or less, and sets a corrected fan rotational speed based on the corrected compressor rotational speed. The cooling device sets a lower value of the corrected fan rotational speed for a higher corrected compressor rotational speed.