It is a method to extract constitutive parameters from metamaterial unit cell element. To apply full wave simulation, first assign E and H boundary conditions on the four sides of your radiation box and wave port excitations on the rest sides of the box. By doing that you obtain the reflection and transmission loss of your sample unit cell element. Thereby you extract the permittivity and permeability of the unit cell element.
A full wave simulation calculates the result of applying Maxwell's equations to the materials and shapes that have been modelled, when excited by the electromagnetic signal that is specified, such as a plane wave or a wave in a transmission line.
It approximates the geometry using a mesh and gets results (fields and currents) for each mesh cell, element or point, and may also approximate time by calculating at small successive time intervals.
In CST time domain solutions you tell the program the shape and material properties of the things you want to find out about, and CST solves the equation by generating a mesh of points and firing a pulse through them using Maxwell's equations to calculate how the pulse travels from point to point.
CST lets you cheat too, by joining some mesh points by "pretend" things called discrete ports of discrete loads, which is useful sometimes, instead of having to accurately model the dimensions of a very small capacitor, for instance.
The time domain solution (for instance what the pulse looks like when it finally comes out of an output port) can be (and usually is) transformed to get the behaviour in the frequency domain.