In AutomationView, simulation is referred to as Emulation.
Using the User Interface (Button):
To start the emulator, look at the top right corner of the Sequence Explorer view. Click the Start Emulation (Play icon) button. While running, you can also use the Step, Stop, and Reset buttons located in the same view title bar.
Using the Command Palette:
It is also possible to control emulation via the Command Palette:
Ctrl+Shift+P / Cmd+Shift+P).