Question: Is multiple processor simulation possible ?

Answer: TI simulators don't support multiple processor simulation. For example files connected to a C4x Comm ports cannot be shared between 2 different simulator windows.

The only way to simulate a parallel program will be to run one simulator session first and then when the comport output file is created quit the simulator and invoke the simulator again, simulating the other processor (connecting the previous output file to a input FIFO).