Hi Bruce
There is no formula as such to work out which ESC, however If you know the voltage you are going to use ( usually not higher than 12 V) this sets one parameter. then the important one is to know what current your motor is going to take. The current is determine largely by the size and type of propellor you are going to use, and also by the type of motor. Ideally you should measure the actual current your motor/prop choice takes when installed in the model. Knowing the full load current, you then buy a ESC of your choice that is capable of handeling the full load current (plus a bit over) eg motor takes 4A go for a 10A controller. and fit a fuse less than the capacity of the ESC but more than the motor current (in the eg 7 or 8 A) .
There is a school of thought that you should measure the stalled current of your motor, since this is the maximum current that that motor battery combination can take (worst possible conditions with prop fouled). then buy a ESC capable of carrying that current.
The voltage rating quoted with ESC’s is normally the maximum voltage that will not kill the unit (ie 12V battery working on 12v unit ok. 15v battery on 12v unit -by by unit).
The current rating is also the maximum the unit can handle so fit a fuse lower than this to protect it against accidents.
Finally if you have 2 motors on one ESC the ESC MUST be at least twice the current handeling of one motor since it will have to handle the current to both motors together
hopr this helps cheers Tom