A method and system for simulating the execution of a software program on a simulated hardware system. An instrumented software program is divided into program segments delineated by tags and is then analyzed for data describing the program segments. The data is tabulated and indexed in a function data table according to the program segments. Hardware parameters that at least define a portion of the simulated hardware system are tabulated in a hardware configuration file. The software program is executed on a host system, and when a tag is executed, data indexed in the function data table under the program segment corresponding to the executed tag and hardware parameters tabulated in the hardware configuration file are used to calculate an estimated execution time for the program segment corresponding to the executed tag. The estimated execution time for the program segment is added to a running total for the overall execution time of the software program. The system includes a memory for storing software parameters describing program segments of the software program, and for storing hardware parameters that at least partially define the simulated hardware system. The system further includes a processor for calculating an estimated execution time for the software program using the software and hardware parameters.