One primary objective of drone simulation is to evaluate diverse drone configurations and contexts aligned with specific user objectives. The initial challenge for simulator designers involves managing the heterogeneity of drone components, encompassing both software and hardware systems, as well as the drone’s behavior. To facilitate the integration of these diverse models, the Functional Mock-Up Interface (FMI) for Co-Simulation proposes a generic data-oriented interface. However, an additional challenge lies in simplifying the configuration of co-simulation, necessitating an approach to guide the modeling of parametric features and operational conditions such as failures or environment changes. The paper addresses this challenge by introducing CARES, a Model-Driven Engineering (MDE) and component-based approach for designing drone simulators, integrating the Functional Mock-Up Interface (FMI) for Co-Simulation. The proposed models incorporate concepts from Component-Based Software Engineering (CBSE) and FMI. The NAVIDRO architectural style is presented for designing and configuring drone co-simulation. CARES utilizes a code generator to produce structural glue code (Java or C++), facilitating the integration of FMI-based domain-specific code. The approach is evaluated through the development of a simulator for navigation functions in an Autonomous Underwater Vehicle (AUV), demonstrating its effectiveness in assessing various AUV configurations and contexts.