1. A computer-implemented method of processing in a data processing system, said method comprising: receiving a simulation in a computer, said simulation model including a plurality of design entity instances modeling a digital system and one or more instrumentation entity instances, separate from said plurality of design entity instances, that generate instances of instrumentation events for testing purposes during simulation, wherein said one or more instrumentation entity instances include a first instrumentation entity instance having instances of first and second instrumentation events, said instance of said first instrumentation event having a first cone of influence and said instance of said second instrumentation event having a second cone of influence, and wherein both said first cone of influence of said instance of said first instrumentation event and said second cone of influence of said instance of said second instrumentation event include a shared logic element; receiving an exclusion list identifying at least one said instance of the first instrumentation event to be removed from said simulation model, said exclusion list including no instance of the second instrumentation event; marking for deletion logic elements of the instance of the first instrumentation event by tracing one or more signal paths backward from the instance of the first instrumentation event identified in said exclusion list to a boundary between said first instrumentation entity instance and a target design entity instance among said plurality of design entity instances; removing deletion mark from said shared logic element; removing said at least one said instance of said first instrumentation event identified in said exclusion list prior to simulation; deleting from said first instrumentation entity instance each marked logic element in said first cone of influence of said instance of said first instrumentation event and retaining logic elements in said second cone of influence of said instance of said second instrumentation event prior to simulation, wherein said retaining comprises retaining said shared logic element; deriving an instrumented simulation executable model from the simulation model following said deleting; and storing, in a storage medium, the instrumented simulation executable model.