We describe an efficient system-level simulator that, starting from the architecture of a well-specified transmissive medium (a channel modelled as single-ended or coupled differential microstrips plus cables) and including the system-level characteristics of transmitter and receiver (voltage swing, impedance, etc.), computes the eye diagram and the bit-error rate that is obtained in high-speed serial interfaces. Various equalization techniques are included, such as feed-forward equalization at the transmitter, continuous-time linear equalization and decision-feedback equalization at the receiver. The impact of clock and data jitter on the overall system performance can easily be taken into account and fully-adaptive equalization can be simulated without increasing the computational burden or the model's complexity.