Successful development of the electric power grid of the future, hereinafter referred to as a smart grid, implicitly demands the capability to model the behavior, performance, and cost of distribution-level smart grid components. The modeling and simulation of such individual components, together with their overall interaction, will provide a foundation for the design and configuration of a smart grid. It is the primary intent of this thesis, to provide a basic insight into the energy transfer of various distribution-level components by modeling and simulating their dynamic behavior. The principal operations of a smart grid must be considered, including variable renewable generation, energy storage, power electronic interfaces, variable load, and plug-in electric vehicles. The methodology involves deriving the mathematical equations of components, and, using the MATLAB/Simulink environment, creating modules for each component. Ultimately, these individual modules may be connected together via a voltage interface to perform various analyses, such as the treatment of harmonics, or to acquire an understanding of design parameters such as capacity, runtime, and optimal asset utilization.