System and method for verifying the receive path of an input/output component

A system and method for verifying the receive path of an input/output device such as a network interface circuit. The device's operation with various different input sources (e.g., networks) and output sources (e.g., hosts, host buses) is modeled in a verification layer that employs multiple queues to simulate receipt of packets, calculation of destination addresses and storage of the packet data by the device. Call backs are employed to signal completion of events related to storage of packet data by the device and modeling of data processing within the verification layer. Processing of tokens within the verification layer to mimic the device's processing of corresponding packets is performed according to a dynamic DMA policy modeled on the device's policy. The policy is dynamic and can be updated or replaced during verification without interrupting the verification process.