Transaction Level Modeling (TLM) has recently become a popular approach for modeling contemporary Systems-on-Chip (SoCs) on a higher abstraction level than Register Transfer Level (RTL). In this thesis a multi-core system based on the Xilinx MicroBlaze micro-processor is modeled at RTL and TLM abstraction levels in SystemC. Both implemented models have cycle accurate timing, and are verified against the reference VHDL model using a VHDL / SystemC mixed-language simulation with ModelSim. Finally, performance measurements are carried out to evaluate simulation speedup at the transaction level. Modeling of the MicroBlaze processor is based on a MicroBlaze Instruction Set Simulator (ISS) from SoCLib. A wrapper is therefore implemented to provide communication interfaces between the processor and the rest of the system, as well as control the timing of the ISS operation to reach cycle accurate models. Furthermore, a local memory module based on Block Random Access Memories (BRAMs) is modeled to simulate a complete system consisting of a processor and a local memory.