Simultaneous Multi-Threading (SMT) processors are becoming popular because they exploit both instruction-level and thread- level parallelism by issuing instructions from different threads in the same cycle. However, the issues of power and thermal man- agement hinder SMT processors fabricated in nano-scale tech- nologies. Power and thermal issues in SMT processors not only limit the achievable performance, but also have a direct impact on the cost and viability of these processors. While several per- formance simulation tools to explore the performance aspect of SMT processors early in their design phase exist, there is a lack of early power and performance evaluation tools for SMT pro- cessors. To this end, we have developed PTSMT: a tightly cou- pled power, performance and thermal exploration tool for SMT processors. In this paper, we demonstrate that PTSMT can au- tomatically and effectively accomplish power, performance and thermal exploration of SMT processors at various levels of de- sign hierarchy, at the application level, microarchitecture level, and physical level. Our experimental results show that: at the application level, number of contexts into which an application is divided could affect performance by 2.2x, energy by 52%, and peak temperature by 35oC; and at the microarchitecture level, context swapping during run time could reduce energy by 9% and improve performance by 8%. These observations indicate the size of the design space which can be explored using PTSMT.