We propose a detailed investigation of the schematic mode-coupling approach to experimental data, a method based on the use of simple mode-coupling equations to analyze the dynamics of supercooled liquids. Our aim here is to clarify different aspects of this approach that appeared so far uncontrolled or arbitrary, and to validate the results obtained from previous works. Analyzing the theoretical foundations of the approach, we first identify the parameters of the theory playing a key role and obtain simple requirements to be met by a schematic model for its use in this context. Then we compare the results obtained from the schematic analysis of a given set of experimental data with a variety of models and show that they are all perfectly consistent. A number of potential biases in the method are identified and ruled out by the choice of appropriate models. Finally, reference spectra computed from the mode-coupling theory for a model simple liquid are analyzed along the same lines as experimental data, allowing us to show that, despite the strong simplification in the description of the dynamics it involves, the method is free from spurious artifacts and provides accurate estimates of important parameters of the theory. The only exception is the exponent parameter, the evaluation of which is hindered, as for other methods, by corrections to the asymptotic laws of the theory present when the dynamics is known only in a limited time or frequency range.