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SPW is a system level simulator, something like matlab (although it is more powerful than matlab). It also can used for generating synthesizabel code considering its design rules in system level design. Also it can link to some major HDL simulator like verilog-xl, nc-sim or vcs for direct co-simulation. It has also capability to use synthesis tools such as synopsys or ambit directly within its environmet.
It has some other useful capabilities like co-simulation with some DSP simulators, use of C or C++ for component development and so on.
VCC is system-level development environment for hardware/software co-design and intellectual property (IP) reuse. VCC can use SPW generated models as an abstract simulation model at a higher level for its simulation. It is useful for partitioning between hardware and software and simulating the total system performance according to this partitioning.