Power electronics systems are at the heart of many important and growing industries, from all-electric vehicles to renewable energy generation. Optimizing the design of these systems requires accurate modeling and simulation long before construction of physical prototypes. SPICE-level simulation has been the traditional solution and, while it still plays a key role, it cannot satisfy all requirements for contemporary design and verification flows. This white paper describes a comprehensive solution for the simulation and virtual prototyping of power electronics, ranging from early power module designs to signoff of large-scale, high-fidelity systems. The result is a more efficient development process yielding physical systems that behave as modeled and are much less likely to require fixes or redesign.