A stone work simulation system including panels formed from a cementitious material. The panels of the system can be cast or injection molded from cementitious slurry, including hydraulic cement, or gypsum cement and an optional latex/water mixture. A desired amount of the slurry is added to the mold, the surface of which includes several spaced apart depressions formed therein to closely resemble a pattern of stones at least partially disposed in a mortar matrix. Optionally, the mold can include a number of flat spaces formed between the depressions. Optionally, a reinforcing mesh is also provided in the mold. A colorant can be disposed on the bottom mold surface prior to the introduction of the mesh and the slurry to impart a color pattern to the system. After sufficient curing, the panel is removed from the mold and is ready for immediate use and/or further processing, such as additional surface coloring. In use, the system can be mounted to a building surface, such as a wall, e.g., with a mechanical fastener, adhesive, mortar, cement, and/or the like. To provide distinctiveness to the system, a plurality of individual simulated stones (e.g., that have been formed separately or as a separable unit, e.g., according to the process above) that are sized, shaped, and colored similarly to or differently from the system, can be incorporated onto the flat spaces formed on the system to form a unique finished product and avoid the appearance of the installed system being an arrangement of individual panel units.