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AC/DC hybrid power supply will become an important form of power distribution in the future. Its simulation is the indispensable mean for AC/DC power system research and related equipment/system development. This paper proposes a concept of AC/DC power system simulator, expounds the digital simulation platform and physical testing platform. Based on this, the paper focuses on the physical testing platform, and proposes corresponding simulation schemes including AC/DC flexible interconnection simulation, DC/DC flexible access simulation, and coordinated operation strategy. The corresponding tests reveal the effectiveness and feasibility of AC/DC power system simulator.