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Describing Multi-Processor Systems-on-Chip (MPSoC) at the abstract Electronic System Level (ESL) is one task, validating them efficiently is another. Here, fast and accurate system-level simulation is critical. Recently, Parallel Discrete Event Simulation (PDES) has gained significant attraction again as it promises to utilize the existing parallelism in today's multicore CPU hosts. This paper discusses the parallel simulation of Transaction-Level Models (TLMs) described in System-Level Description Languages (SLDLs), such as SystemC and SpecC.We review how PDES exploits the explicit parallelism in the ESL design models and uses the parallel processing units available on multicore host PCs to significantly reduce the simulation time. We show experimental results for two highly parallel benchmarks as well as for two actual embedded applications.