In contrast to traditional model-based component software reliability analysis approaches, rate-based simulation approaches can flexibly trace the dynamic failure procedure of software. Consequently, they have been tentatively applied to analyze the reliability procedure of component software in recent years. However, existing simulation approaches are based on excessively simple assumptions in terms of the fault correction procedure in component software testing and are not able to describe the practical reliability procedure of the software system. Therefore, a simulation approach is proposed. It models the fault correction procedure with a hybrid queueing model, in which it takes the fault repair policy and the limitations of debugging resources into account. On this basis, a simulation procedure is developed to realize the simulation of component software reliability procedure. Finally, the evaluation experiment shows the potential of the simulation approach.