In this paper, we present the Typhoon Real Time Digital Simulation (T-RTDS) platform for high-power electronic systems, the fastest simulation platform of its kind. T-RTDS is based on novel simulation algorithms and proprietary high-throughput low-latency processor architecture. This approach enables simulation with a 1μs time-step, including input/output (I/O) latency. As a case study, we present modeling, simulation and experimental results for a system comprising a rectifier, an inverter, an output filter and a load. In addition, we demonstrate the T-RTDS capabilities for testing and verification of control hardware and software for various operating conditions.