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The inclusion of inverter-based resources from renewable energy creates newchallenges for the stability and transient behavior of power systems which arebest understood by studying their dynamic responses through simulation. In thispaper, we develop an open source simulation toolbox,PowerSimulationDynamics.jl, to study the dynamic response of a balanced systemwith high penetration of inverter-based resources. PowerSimulationDynamics.jlis implemented in the Julia language and features a rich library of synchronousgenerator components and inverter models. In addition, it allows the study ofboth quasi-static phasors that employ an admittance matrix representation forthe network and electromagnetic dq models that use a dynamic representation ofthe network. Case studies and validation exercises show thatPowerSimulationDynamics.jl results closely match Quasi-Static Phasor (QSP)tools like Siemens PSSe, ANDES, and wave-form Electro-magnetic Transient (EMT)simulations like PSCAD

PowerSimulationsDynamics.jl -- An Open Source Modeling Package for Modern Power Systems with Inverter-Based Resources