1. A method of compiling a simulation model of a digital design, said method comprising: receiving an indication of a desired set of instrumentation entities to be included within a simulation model of a digital design described by a plurality of hierarchically arranged design entities, wherein said instrumentation entities monitor logical operation of one or more of said plurality of design entities during simulation for occurrence of events of interest; in response to said indication, determining by reference to a bill-of-materials of a previously compiled file whether or not the previously compiled file was compiled with instrumentation entities compatible with the desired set of instrumentation entities; and in response to determining that the previously compiled file was compiled with compatible instrumentation entities, compiling the simulation model of the digital design utilizing said previously compiled file in accordance with the indication.