Simulation studies are an important tool in methodological research. We use and read about them on an everyday basis and get excited or disappointed by their results. However, until recently, there has been little public discussion about what constitutes a good simulation study. As the way in which research and researchers are evaluated in psychology is changing, with a renewed focus on the robustness and transparency of published findings, there is an urgent need to establish how we can ensure and assess the quality of methodological research. This panel discussion aims to stimulate an exchange on this topic, intending to establish consensus recommendations and identify areas of disagreement in the field. To do so, we will present different perspectives on the planning, conduct, reporting, and potential pre-registration of simulation studies. Following brief contributions from the panellists, we will invite the audience to join an interactive discussion about quality standards for methodological research.