This dissertation has as its main focus the development of an integrated co-simulation environment for the simulation of real-time Linux hardware accelerated applications in the power systems domain.  A library to allow the communication between PSIM and QEMU is to be developed, along with another library to link PSPICE and QEMU. To demonstrate the competence of such hardware-software co-design flow, a demonstration scenario closely related to power electronics must be developed, which involves the development of an HDL IP-core, a power stage and a software application.