An IP library management system includes IP data segregated into two separate databases: an IP database for storing virtual component data, and an IP catalog database for storing attributes pertaining to the stored virtual component data. The IP database and IP catalog database are connected over a local area network. An IP database file server acts as the intermediary between the IP database and the local area network, while one or more database servers act as the intermediary between the IP catalog database and the local area network. The local area network may be connected to a wide area network allowing remote access by a number of remote users. The IP library management system provides an IP authoring methodology and an IP integration methodology associated with the two databases. Users may access the IP library management system through a global computer network such as the Internet.