1. A method of simplifying a schematic diagram of an integrated circuit (IC) design, the method comprising: generating a schematic diagram of the IC design; displaying the schematic diagram on a graphical user interface (GUI), the schematic diagram having a plurality of nodes and a plurality of nets interconnecting the nodes, wherein a node of the plurality of nodes comprises a functional element of the IC design; and enabling a user to select from a plurality of nodes and a plurality of nets on the GUI and group selected nodes and nets into an entity, wherein the nodes can be selected and grouped into the entity independent of their type.