Real-time simulation of power electronic converters is becoming increasingly important as inverter-based resources, energy storage systems, and large converter-interfaced load interconnections increase. It is a growing challenge to ensure their reliable integration, compliance with standards and specifications, and stable operation of the bulk power system. Professionals need to be able to model and predict fast transient phenomena and complex control interactions in order to effectively study and de-risk these technologies. Converter OEMs, power system engineers, and researchers need assurance that their device models are reliable and accurate over a wide range of functions and operating conditions. This presentation will explore how real-time simulation and hardware-in-the-loop (HIL) testing are providing these critical capabilities across many applications within the power electronics and power systems industries. Attendees will learn the fundamentals of electromagnetic transient (EMT) simulation, the motivation for adopting real-time EMT simulation and HIL testing, HIL testbed components and considerations, and examples of how leaders are applying this technology to de-risk power electronics integration and support factory testing and commissioning. Key recent developments in the real-time simulation space, including black box control integration for software-in-the-loop testing of power electronics, will also be discussed.