Component-based software engineering is appealing for industrial embedded systems design for two main reasons: these systems benefit from a strong legacy from previous iterations of the design reducing overall costs and time; and they target platform-independent development to minimize hardware dependent costs. However, such approaches are not yet developed for asynchronous algorithms, limiting the possibilities and performances of code generation. In this paper we propose a framework to describe, simulate, and test asynchronous processing algorithms via a Model Based Design (MBD) approach implemented in MathWorks Simulink. Our approach also facilitates code generation for such algorithms. We demonstrate our approach by designing and validating in simulation a reference architecture for electrical measurement and protection applications.