1. In a graphical modeling environment, a method for modeling a delay in a time-based graphical representation of a control system, comprising: (a) providing, on an electronic device, a time-based graphical model of the control system that includes: at least one time-driven execution component modeling the control system, and at least one event-driven execution component modeling the delay induced in the control system; (b) receiving a time-based signal from the at least one time-driven execution component; (c) transforming the time-based signal to a set of entities using the electronic device, the set of entities being objects on which the at least one event-driven execution component operates; (d) passing the set of entities through the at least one event-driven execution component; (e) modeling the delay in the control system by delaying the passing of one or more entities in the set of entities through the at least one event-driven execution component; and outputting a result of modeling the delay on a display.