1. A system for making real-time predictions about an arc flash event on an electrical system, comprising: a data acquisition component communicatively connected to a sensor configured to acquire real-time data output from the electrical system; an analytics server communicatively connected to the data acquisition component, comprising, a virtual system modeling engine configured to generate predicted data output for the electrical system utilizing a virtual system model of the electrical system, an analytics engine configured to monitor the real-time data output and the predicted data output of the electrical system, the analytics engine further configured to initiate a calibration and synchronization operation to update the virtual system model when a difference between the real-time data output and the predicted data output exceeds a threshold, and an arc flash simulation engine configured to utilize the virtual system model to determine a clearing time for a protective device on the electrical system, wherein, the arc flash simulation engine is further configured to utilize the protective device clearing time to forecast an aspect of the arc flash event; and a client terminal communicatively connected to the analytics server and configured to communicate the forecasted aspect.