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The aim of the thesis is to include a Field Programmable Gate Array (FPGA) based electromagnetic transient simulation into a Real-time Digital Simulator (RTDS) power system simulation. This will enable the simulation of high-frequency components of power electronic converters such as DC-DC converters which were not previously resolvable using only RTDS simulator. The FPGAs support parallel hardware designs with high clock rates, allowing fast computation of the models. The approach of co-simulation is to divide and distribute components of a complex power system onto different platforms and to simulate the models on the respective platforms interacting with each other. Therefore existing models in RTDS can be leveraged in conjunction with FPGA based models. In this thesis, co-simulation is used to simulate approach several models, including RL model, switched RL model and buck converter. The models are interfaced through a Bergeron T-line interface model. Dommel's EMTP algorithm is used. Norton equivalent models of the circuits are derived, and a trapezoidal integrator is used for discretization of elements. Kirchoff's voltage (KVL) and current laws (KCL) are applied, and the equations are solved. For the FPGA simulation, a very-small time-step of 360 µs is achieved. Floating point computation is used. The results are compared with offline simulated models (MATLAB/SIMULINK) and real-time simulation models (RTDS). Further, a real hardware buck converter using Power-Pole board is designed, and the results are compared with the simulated model. In summary, this thesis presents the inclusion of an FPGA platform with RTDS system thus improving the capabilities of real-time models that can be simulated in RTDS.