This invention features an FPGA emulation system including an FPGA device under test having a plurality of pins. A bus functional model circuit responsive to signals representing predetermined input characteristics of the FPGA device under test and configured to apply one or more signals to the FPGA device under test corresponding to the predetermined input characteristics and configured to receive one or more signals representing output characteristics of the FPGA device under test to emulate the operation of the FPGA device under test in a predefined selectable and flexible electrical operating environment. This invention also features an FPGA emulation system including an FPGA device under test having at least one component and a plurality of pins operating in a predetermined native target environment, a bus functional model engine for simulating and capturing output characteristics of the at least one component of the FPGA device under test and simulating and releasing input characteristics of the at least one component of the FPGA device under test, and a bus functional model circuit embedded in the FPGA device under test configured to receive one or more signals representing the input characteristics of the at least one component and configured to release one or more signals representing the output characteristics of the at least one component such that the bus functional model engine emulates the operation of the at least one component of the FPGA device under test in the predetermined native target environment.
