In this paper, the Sudan-Guruswami approach to list decoding of Reed-Solomon (RS) codes is cast in a system-theoretic framework. With the data, a set of trajectories or time series is associated which is then modeled as a so-called behavior. In this way, a connection is made with the behavioral approach to system theory. It is shown how a polynomial representation of the modeling behavior gives rise to the bivariate interpolating polynomials of the Sudan-Guruswami approach. The concept of "weighted row reduced" is introduced and used to achieve minimality. Two decoding methods are derived and a parametrization of all bivariate interpolating polynomials is given.