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MATLAB has Simulink and Simscape, Maple has MapleSim and Scilab has Xcos. What is the equivalent product for Mathematica?

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The closest Wolfram equivalent to these products is the SystemModeler.

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You can't really compare SystemModeler and Simulink because the latter is based on transfer-function models and SystemModeler uses the object oriented modeling- language Modelica. Sure you can simulate a lot of systems in both packages, but the process of doing so is nothing alike. Furthermore Modelica is suitable to simulate multidomain problems (including e.g. thermal systems). – Sascha Dec 2 '12 at 8:55
@Sascha - its a good point. However, Wolfram themselves compare SystemModeler with Simulink… – WalkingRandomly Dec 2 '12 at 10:30
@WalkingRandomly - and no one can blame them doing so, since object based modeling turns out becoming more and more popular in a lot use cases. However, I would not suggest it to someone really comfortable with Simulink, especially not when working with e.g. signal-proceccing, control theory or the like. (While the capabilities of Mathematica in both mentioned fields are rather nice indeed - Version 9 looks even more promising with build-in functions like PIDTune) – Sascha Dec 2 '12 at 10:46
I've heard of SystemModeler, but didn't have time to download a demo and play with it. For me (and others, I think) this answer could be improved a lot by showing one or more simple problems and how they would be tackled with Simulink and SystemModeler. – nikie Dec 3 '12 at 12:09
There are also some posts about SystemModeler on the Wolfram Blog, especially the post announcing SystemModeler. – matth Dec 31 '12 at 14:54

From the user perspective the conceptual difference between Simulink and SystemModeler is how the analyzed system is described. SystemModeler (WSM) works at the component level while Simulink works at the "block diagram level". This means that the user defines how the components are connected and WSM is responsible for the development and solution of the equations. With Simulink one needs to provide the behavioral description (transfer functions) of each block and the system.

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