Systems and methods automatically construct a realization of a model from an available set of alternative co-simulation components, where the realization meets one or more objectives, such as fidelity, execution speed, or memory usage, among others. The systems and methods may construct the realization model by setting up and solving a constrained optimization problem, which may select particular ones of the alternative co-simulation components to meet the objectives. The systems and methods may configure the realization, and execute the realized model through co-simulation. The systems and methods may employ and manage different execution engines and/or different solvers to run the realization of the model.