This paper describes real-time hardware-in-the-loop simulator using the RT-Lab, Simulink and Bikesim to simulate an each major part of electric bike system in real time. The major components of electric powered bike system consist of a PMSM fed by a 3 phase MOSFET inverter, battery and main controller. SimPowerSystem that is one of the toolbox of the Matlab/Simulink is used for modeling and simulation of power components. Each major electric component of the electric powered bike is modeled by Model-Based Design (MBD) method with Simulink. Interworking methods between software such as battery, motor/inverter, bike dynamics model and hardware such as battery, motor/inverter, power supply, electric loader are also described for real-time hardware-inthe- loop simulation based on RT-Lab and Simulink. Especially, this paper describes how to assess the performance of each component with rest of the electric parts in real time. The performance of the hardware-in-the-loop simulator is evaluated by comparing with actual experimental results using real world hardware devices.