The only way todetermine the quality of any simulation model constitute the mensurements carried out in the process to representative magnitudes of the simulation model
Referencing industrial use cases, there should be many more criteria: Interoperability, documentation, Interface quality, robustness, stiffness, stability....
Roger Sargent's widely cited article of 2005 - Verification and validation of simulation models - might provide some first answers.
https://dl.acm.org/citation.cfm?id=1162736
In this paper we discuss verification and validation of simulation models. Four different approaches to deciding model validity are described; two different paradigms that relate verification and validation to the model development process are presented; various validation techniques are defined; conceptual model validity, model verification, operational validity, and data validity are discussed; a way to document results is given; a recommended procedure for model validation is presented; and accreditation is briefly discussed.
You could try checking the section on Building Valid, Credible, and Appropriately Detailed Simulation Models, in Simulation Modeling and Analysis 3rd Edition by Averill M. Law and W. David Kelton. Alternatively, as this one is of 2007 vintage, you could try Law, AM 2014, Simulation Modeling and analysis 5th Edition. Both of these have been helpful to my in the past.
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