In this paper, we present a dynamic traffic assignment-simulation modeling framework (DYNASMART-P) to support the evaluation and planning of Bus Rapid Transit (BRT) services in urban transportation networks. The model represents the different characteristics associated with BRT operations such as: exclusive right-of-way lanes, limited-stop service, signal prioritization at congested intersections, and enhanced bus stops to reduce passenger boarding times. A set of simulation experiments is conducted using the model to study the impact of introducing a hypothetical BRT service in the Knoxville area in the State of Tennessee. In these experiments, the different operational characteristics of BRT are evaluated in terms of potential impact on transit ridership and on the interacting auto traffic. The results illustrate the advantages of BRT for increasing transit ridership and improving overall system performance.