Ontologies have been used in a variety of domains for multiple purposes such as establishing common terminology, organizing domain knowledge and describing domain in a machine-readable form. Moreover, ontologies are the foundation of the Semantic Web and often semantic integration is achieved using ontology. Even though simulation demonstrates a number of similar characteristics to Semantic Web or semantic integration, including heterogeneity in the simulation domain, representation and semantics, the application of ontology in the simulation domain is still in its infancy. This paper proposes an ontology-based representation of simulation models. The goal of this research is to facilitate comparison among simulation models, querying, making inferences and reuse of existing simulation models. Specifically, such models represented in the domain simulation engine environment serve as an information source for their representation as instances of an ontology. Therefore, the ontology-based representation is created from existing simulation models in their proprietary file formats, consequently eliminating the need to perform the simulation modeling directly in the ontology. The proposed approach is evaluated on a case study involving the I2Sim interdependency simulator.