A simulation framework could decrease the burden of attending long and tiring experimental sessions on the potential users of brain computer interface (BCI) systems. Specifically during the initial design of a BCI, a simulation framework that could replicate the operational performance of the system would be a useful tool for designers to make design choices. In this manuscript, we develop a Monte Carlo based probabilistic simulation framework for electroencephalography (EEG) based BCI design. We employ one event related potential (ERP) based typing and one steady state evoked potential (SSVEP) based control interface as testbeds. We compare the results of simulations with real time experiments. Even though over and under estimation of the performance is possible, the statistical results over the Monte Carlo simulations show that the developed framework generally provides a good approximation of the real time system performance.