This paper presents a dynamic simulation model for visual servoing of a robot manipulator using image based strategy. The modeling takes into account the dynamics of the camera velocity inner loop as well as a model of the visual sensor that consists of the camera and feature extraction block. Considering the inner loop and the visual sensor models, the dynamic simulation model of the visual servo open loop was developed. Using this open loop model, an image based controller was derived for the visual servoing system. Finally, the developed dynamic simulation model has been tested, including open-loop validation, closed-loop validation and comparisons between simulation results and real images obtained with a 6 DOF ABB robot having an eye-in-hand camera configuration.