A program execution data trace is created by instrumenting a program to record value sets during execution and an instruction trace. By simulating instructions either backward or forward from a first instruction associated with a recorded value set to a second instruction according to the instruction trace, a value set is determined for the second instruction. Backward and forward simulation can be combined to complement each other. For backward simulation, a table of simulation instructions is preferably maintained, which associates program instructions encountered in the instruction trace with simulation instructions which reverse the operation of the of the associated program instructions. Preferably, one or more probes is inserted into the program to save values of particular variables whose value may be difficult to determine. Preferably, the instruction trace is displayed alongside and correlated with the data trace. In one embodiment, the instruction trace is displayed and a value set is determined for an instruction upon a request by the user indicating the instruction for which the value set is desired.