A challenge facing designers of systems on chip (SoC) containing networks on chip (NoC) is to find NoC instances that balance the cost (e.g. area) and performance (e.g. latency and throughput). In this paper we present a simulation-based approach to address this problem. We use XML to instantiate network components (routers, network interfaces) and their composition. NoCs are evaluated in terms of cost and performance by sweeping over different parameters (e.g. network topology, network interface queue depth). We then show, how we can obtain trade-off plots by using the results obtained with our simulation environment. Finally, by means of two examples we illustrate how trade-off plots can help the NoC designers in selecting the right network based on a set of different constraints.