Systems and methods evaluate simulation models and measure floating point arithmetic errors in terms of Unit in Last Place (ULP). The simulation model may include model elements that perform numerical computations using Native Floating Point (NFP) arithmetic. The model elements may be arranged to implement a procedure. A data store may include local ULP errors predetermined for the model elements. The systems and methods may retrieve the local ULP errors for the model elements included in the model, and may apply a rules-based analysis to compute an overall ULP error of the simulation model. The systems and methods may present the overall ULP computed for the model. The systems and methods may also present intermediate ULP errors determined for portions of the simulation model. Changes may be made to the model to reduce the overall ULP error.