The mm-Wave is one of the main enablers for the performance requirements of 5G. Although it provides communication systems with huge bandwidth and data rates, it also has some disadvantages as the carrier frequencies can significantly exceed 6 GHz and go up to 300 GHz. For example, there are significant challenges such as propagation loss and severe phase noise (PN). The PN can be observed in two parts: common phase error (CPE) and inter-carrier interference (ICI). In the literature, there are algorithms for the estimation and compensation of PN for OFDM-based systems. We apply both CPE and ICI compensation algorithms for 5G PDSCH at the carrier frequency of 70 GHz. Detailed performance analysis is performed for demodulation reference signal (DMRS) based channel estimation and phase-tracking reference signal (PTRS) based PN estimation. We observe the effects of different reference signal parameters in 5G for each PN compensation algorithm. For this purpose, we use up-to-date power spectral density (PSD) models for PN modeling and show uncoded bit error rate (BER) graphs obtained via extensive simulations for MATLAB's tapped delay line (TDL) channels. We also analyze the system performance under very high Doppler, where PTRS based channel estimation is compared with DMRS based channel estimation.