Abstract: A system and methods are provided to design, verify and develop simulated hardware and software components for a desired electrical device. The system includes a cycle-accurate simulator where X-number of simulator cycles is equivalent to Y-number of cycles on a simulated hardware component. The system further includes a simulator library for modeling and verifying hardware components of a desired electronic device. The simulator library includes built-in models and routines for simulating multiple internal hardware components. The simulator library is used with the cycle-accurate simulator. The system also includes a simulation Application Program Interface ("API") for allowing user-customized model and routines of internal and external hardware components to be used with the cycle-accurate simulator. The system can be used to design, verify and develop on-chip and off-chip components for a system-on-a-chip used in a desired electrical device.