As the system complexity increases, the simulation performance becomes one of the most important issues in virtual prototyping. Parallel simulation is a fascinating technique for high-speed simulation utilizing state of the art multi-core processors on a host workstation, but the efficiency of the parallel simulation is low because of the synchronization and communication overhead and unbalanced workloads among cores in the host. This paper proposes a novel technique, hierarchical multi-threading for the efficient parallel simulation of SystemC models where the host cores are able to be maximally utilized with the same number of thread groups. We also present an efficient synchronization and dynamic load balancing scheme for the proposed parallel simulation. Experimental results show that the proposed method achieves speed-up of from 2.9 to 3.3 in quad-core host workstation.