In recent years the small punch test method has become an attractive alternative compared to traditional material testing procedures, especially in cases where only small amounts of material are available. In contrast to standard test methods, the relevant material parameters can not be as simply obtained from the experimental measurements of SPTs because of its non-uniform stress and deformation state. However this can be achieved by comparing the experimental SPT results with those obtained by finite element simulations of SPT using advanced material models. Then the task is to determine the parameters of the material models using special optimization techniques. This paper gives an overview about the common techniques used to simulate SPT experiments. It should give the reader answer to the questions: Why are FEM simulations useful? How should such simulations be performed? Which material laws can be used? What are the limitations of finite element simulations? How to determine material parameters from SPT-experiments and the corresponding simulations?