With the transition towards a smart grid, the power system has become strongly intertwined with the information and communication technology (ICT) infrastructure. The interdependency of both domains requires a combined analysis of physical and ICT processes, but simulating these together is a major challenge due to the fundamentally different modeling and simulation concepts. After outlining these challenges, such as time synchronization and event handling, this manuscript presents an overview of state-of-the-art solutions to interface power system and ICT simulators. Due to their prominence in recent research, a special focus is set on co-simulation approaches and their challenges and potentials. Further, two case studies analyzing the impact of ICT on applications in power system operation illustrate the necessity of a holistic approach and show the capabilities of state-of-the-art co-simulation platforms.