With the extensive integration of the power and communication system, the power system gets more and more impact from communication latency, bit errors or breakout. Thus the study on hybrid system simulation for power and communication becomes more popular all over the world. This paper gives an overview of the current research projects in U.S. and Europe, and some developed simulation tools and models. Then, several methodologies of research and simulators are introduced, including Petri Nets model, modeling on single simulator, embedded simulator for hybrid system simulation, co-simulation with communication network simulator and power simulator, and Hardware-in-loop Simulation (HILS). In the end, the perspectives and challenges of hybrid system simulation are pointed out and the procedure of our research work in this field is introduced.