The modeling and simulation of memory circuits remains an outstanding problem when accuracy with respect to the actual schematic implementation is desired. Functionally equivalent RTL models often cannot be used for designs with embedded memory blocks, because schematic models for the surr ounding logic may be required for fault modeling accuracy. Existing methods derive a latch model that essentially represents each memory location as a latch primitive, and have a large number of gates. We present new algorithms that model such circuits as decoded arrays that access entire rows of cells for individual read and write operations. Decoded array models allow fault modeling accuracy for the surrounding logic, including the memory address decoder. Experimental data show improvements of an order of magnitude for both logic and fault simulations, when compared to the equivalent latch model.