I work in silicon development, and we call software models "simulation" and FPGA models "emulation." Both terms are a little arbitrary, but logic on an FPGA is

I work in silicon development, and we call software models "simulation" and FPGA models "emulation." Both terms are a little arbitrary, but logic on an FPGA is not a simulation, for most definitions of "simulation." Perhaps more accurate than either term is "implementation," since it is an honest-to-God implementation in a digital circuit of the logic. Think of it this way: software tells a computer what to do, gateware tells an FPGA what to be.