A method for fast but yet accurate performance evaluation of processor architecture is mostly desirable in modern processors design. This paper proposes one such method which can measure cycle counts. and power consumption of pipelined processors. The method first develops a trace-driven performance simulation model and then employs simulation reuse in simulation of the model. The trace-driven performance modeling is for accuracy in which performance simulation uses the same execution traces as constructed in simulation for functional verification. Fast performance simulation can be achieved in a way that performance for each instruction in the traces is evaluated without evaluation of the instruction itself. Simulation reuse supports simulation speedup by elimination of an evaluation at the current state, which is identical to that at a previous state. The reuse approach is based on the property that application programs, especially multimedia applications, have many iterative loops in general. A performance simulator for pipeline architecture based on the proposed method has been developed through which greater speedup has been made compared with other approaches in performance evaluation.