This paper advocates the use of a formal framework for analyzing simulation performance. Simulation performance is characterized based on the three simulation development process boundaries: physical system, simulation model, and simulator implementation. Firstly, we formalize simulation event ordering using partially ordered set theory. A simulator implements a simulation event ordering, and incurs implementation overheads when enforcing event ordering at runtime. Secondly, we apply our formalism to extract and formalize the simulation event orderings of both sequential and parallel simulations. Thirdly, we propose the relation stricter and a measure called strictness for comparing and quantifying the degree of event dependency of simulation event orderings respectively.