1. For use in a downhole production monitoring and control system, a system for extending a set of parameters on which control decisions are predicated comprising: a simulator capable of selectively receiving measurements for a first set of parameters obtained during operation of artificial lift equipment within a wellbore, wherein the simulator, upon receiving the measurements, calculates values for a second set of parameters different than the first set of parameters and relating to the operation of the artificial lift equipment within the wellbore, wherein the simulator calculates the values for the second set of parameters based upon the measurements utilizing at least one of multi-phase flow correlations, other friction and elevation gradient calculation methods, and mathematical models incorporating dynamic behavior for the wellbore or the artificial lift equipment, wherein the values for the second set of parameters are available from the simulator during operation of the corresponding artificial lift equipment and may be selectively employed in controlling subsequent operation of the artificial lift equipment.