tion. Transaction Level Modeling (TLM) has been proposed to abstract communication for highspeed system simulation and rapid design space exploration. Although being widely accepted for its high performance and efficiency, TLM often exhibits a significant loss in model accuracy. In this article, we systematically analyze and quantify the speed/accuracy trade-off in TLM. end, we provide a classification of TLM abstraction levels based on model granularity and define appropriate metrics and test setups to quantitatively measure and compare the performance and accuracy of such models. Addressing several classes of embedded communication protocols, we apply our analysis to three common bus architectures, the industry-standard AMBA Advanced High-performance Bus (AHB) as an on-chip parallel bus, the Controller Area Network (CAN) as an off-chip serial bus, and the Motorola ColdFire Master Bus as an example for a custom embedded processor bus. Based on the analysis of these individual busses, ...