This paper deals with the development of a new type of simulator for the study of the dynamic performance of an HVDC scheme. The new simulator uses a digital model of the power equipment and an analogue model of the existing HVDC controller. This simulator is used to study the dynamic performance of the Cheju - Haenam HVDC system and to verify the control characteristics of the HVDC system. The paper discusses the simulator development requirements and criteria. The paper provides guidelines for the development of the simulator and presents the results of the simulation studies.