In this paper we present a simulation and architectural analysis technique of embedded DSP systems modeled using the MASIC methodology. MASIC is a grammar based methodology, which cleanly separates the communication from the computation part of the model and begins with an abstract level of modeling. Computations in embedded blocks are carried out using C functions and the flow of data among the blocks is expressed by the communication protocol written in the MASIC grammar description. Later, the abstract model is refined to a cycle true model. Different architectural decisions, like the bus architecture or the memory organization added during the refinement process, significantly affect the system performance. We use a Petri Net based approach that provides the necessary synchronization to perform co-simulation and helps to evaluate the effects of architectural decisions. The correctness of the protocol description is verified using Petri Net based boundedness and conservation analysis.