Discrete-event simulation is an important tool used for the performance evaluation of parallel systems. The space of tradeoffs is large however, when attempting to balance model fidelity and simulation execution time. This paper describes a simulator - TAPS (Threaded Application Parallel System Simulator) - that, in the context of threaded parallel computations, provides a spectrum of possibilities in this tradeoff space. TAPS is specifically designed to be parallelized; we discuss some crucial considerations regarding its parallelization.