The ever increasing complexity and heterogeneity of modern System-on-Chip (SoC) architectures make an early and systematic exploration of alternative solutions mandatory. Efficient performance evaluation methods are of highest importance for a broad search in the solution space. In this paper, the authors present an approach that captures the SoC functionality for each architecture resource as sequences of trace primitives. These primitives are translated at simulation runtime into transactions and superposed on the system architecture. The method uses SystemC as modeling language, requires low modeling effort and yet provides accurate results within reasonable turnaround times.