A project file can use multiple reports, but is limited to one model.
There are other solutions, however. One of the simplest would be to create a small batch file using Monarch's command line parameters. Look in the help file index for "command lines - using Monarch command lines" for more details.
Basically you want Monarch to open your first report and model and export the data that's extracted to a file, then do it again for a different report and model.
Beyond that you're into Windows scripting (creating VBS files) or something like VBA programming. I'd recommend trying the batch file and command line parameter first. That works well for most users with straightforward requirements.