This study examines how faculty and students at the Philippine Merchant Marine Academy (PMMA) perceive simulation-based learning (SBL) and its impact on student achievement in the College of Marine Engineering. Using a descriptive-exploratory research design, the study gathered feedback from eight instructors and thirty-five first class (Fourth year) students. The results show that both faculty and students have a positive view of SBL. Faculty believe it enhances teaching by simplifying complex concepts and keeping students engaged, while students feel that simulations help them understand difficult topics, develop practical skills, and stay motivated. Both groups agree that SBL improves critical thinking and prepares students for real-life situations in the maritime industry. While there are some challenges, such as technical support and accessibility, the overall response is overwhelmingly positive. The Mann-Whitney U test showed no significant difference between faculty and student perceptions, indicating that both groups recognize the benefits of SBL. Based on these findings, the study proposes the SIM-AIM (Simulation-Assisted Instructional Mastery) program to address areas like technical support and resource accessibility, aiming to further improve learning outcomes and foster collaboration. This study underscores the value of simulation-based learning in enhancing education and preparing students for careers in marine engineering.