This paper presents a high-fidelity electrical-failure simulation environment of belt drive electric power steering (BEPS) system based on our proposed “Virtual Failure Mode and Effects Analysis (vFMEA)” method. The vFMEA system is able to dynamically inject an analog fault into a circuit model of electrical control unit (ECU) of BEPS system, and analyze system-level failure effects and verify software-implemented safety mechanisms, which consequently reduces both cost and time of development. It consists of a cycle-accurate microcontroller model with mass-production software components in binary format implemented, analog and digital circuit models, mechanical models, and a dynamic fault –injection mechanism. In this paper, the vFMEA method was applied to the verification of the safety mechanisms implemented on the ECU of BEPS system, and accuracy of the simulation was evaluated. It was revealed that the software-implemented safety mechanism detected the drift fault injected into a current monitoring circuit in the ECU and shut down the system properly as designed. This means that the software was verified with the vFMEA method for the case of the analog faults. In addition, a normal simulation result was compared with the experimental ones using actual equipment in the case of a sinusoidal steering input. It was also revealed that motor torque for assisting a driver steering results within range of the experimental ones. Therefore the BEPS system was successfully virtualized with high accuracy.