1. A method comprising: receiving, by a processor, a template for an electrical design and a plurality of design component parameters that are associated with at least one component in the electrical design; assigning weighted factors to design complexity parameters of the electrical design, wherein the design complexity parameters of the electrical design indicate at least two of: whether the electrical design is known, a number of the design component parameters, a level of interaction among the design component parameters, a time constraint and a memory restriction of a simulation, and whether a statistical analysis or a worst case approach will be used to analyze an output of the simulation; selecting a first simulation approach for design space exploration of the electrical design from a plurality of simulation approaches based on the weighted factors for the design complexity parameters of the electrical design; and performing the simulation of the electrical design defined by the template in accordance with the first simulation approach.