High-level performance modeling and simulation have become a key ingredient of system-level design as they facilitate early architectural design space exploration. An important precondition for such high-level modeling and simulation methods is that they should yield trustworthy performance estimations. This requires validation (if possible) and calibration of the simulation models, which are two aspects that have not yet been widely addressed in the system-level community. This article presents a number of mechanisms for both calibrating isolated model components as well as a system-level performance model as a whole. We discuss these model calibration mechanisms in the context of our Sesame system-level simulation framework. Two illustrative case studies will also be presented to indicate the merits of model calibration.