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The vision of a smart grid is predicated upon pervasive use of modern digital communication techniques to today's power system. As wide area measurements and control techniques are being developed and deployed for a more resilient power system, the role of communication network is becoming prominent. Power system dynamics gets influenced by the communication delays in the network. Therefore, extensive integration of power system and its communication infrastructure mandates that the two systems are studied as a single distributed cyber-physical system. This paper proposes a power/network co-simulation framework which integrates power system dynamic simulator and network simulator together using an accurate synchronization mechanism. The accuracy is tunable based on the time-scale requirements of the phenomena being studied. This co-simulation can improve the practical investigation of smart grid and evaluate wide area measurement and control schemes. As a case study an agent-based remote backup relay system is simulated and validated on this co-simulation framework.