Hi phoenixpavan,
1. In simulation, method which is called as Power Aware simulation. Behavioral model of power-aware cell identification, creation of power-wrapper, then simulation. In GLS, we've to capture the Power-aware cells (retention flops, memories, caches, etc) and apply Stimulus and verify according to the spec.
2. About the varying voltages, in simulation we dont worry much, because we're doing "LOGICAL" simulation, not "ELECTRICAL" simulation (As like Analog Mixed Signal simulation does). As per the behavioral models, we've to apply the proper Vdd-Vss.
These are only high level flow, lots of manual-automation effort are required for a proper Power-Aware simulation setup.
-paulki