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 first plurality of nodes and a first plurality of nets interconnecting the first plurality of nodes, wherein a node of the first plurality of nodes comprises a functional element of the IC design; and enabling a user to select from the first plurality of nodes and the first plurality of nets on the GUI and group selected nodes and nets into an entity, wherein nodes can be selected and grouped into the entity independent of their type, wherein the selected nodes include combinational logic nodes and non-combinational logic nodes, further wherein the entity is displayed, on the schematic diagram, instead of the selected nodes and nets.