Methods and apparatuses for time annotated transaction level modeling

A method and apparatus for transaction level modeling where communications occur between modules in the system that contain time annotations is described. An apparatus includes an initiator module, a target module, and a communications channel with each being modeled as an executable behavioral model. The communications channel transports burst information between the initiator module and the target module. The communications channel has a timing variable function to store timing variables and derive timing information associated with each individual transfer within a burst transaction during a simulation.