Method, system and program product supporting phase events in a simulation model of a digital system

According to a method of simulation processing, an instrumented simulation executable model of a design is built by compiling one or more hardware description language (HDL) files specifying one or more design entities within the design and one or more instrumentation entities and instantiating instances of the one or more instrumentation entities within instances of the one or more design entities. Operation of the design is then simulated utilizing the instrumented simulation executable model. Simulating operation includes each of multiple instantiations of the one or more instrumentation entities generating a respective external phase signal representing an occurrence of a particular phase of operation and instrumentation combining logic generating from external phase signals of the multiple instantiations of the one or more instrumentation entities an aggregate phase signal representing an occurrence of the particular phase.