1. A method comprising: correlating, by a computing system, transactions captured during simulation of a circuit design to distributed states for multiple components in the circuit design, wherein the distributed states for the multiple components correspond to operational states of the multiple components while the multiple components are functionally-interrelated during the simulation of the circuit design; identifying, by the computing system, at least a portion of the distributed states for the multiple components correspond to system level coverage events; and generating, by the computing system, a graphical presentation to illustrate the portion of the distributed states for the multiple components in the circuit design that correspond to system level coverage events.