In most of the embedded control system designs, multiple engineering disciplines and various domain-specific models are involved, such as mechanical, control, software and hardware models. Close collaboration and well integration between all domain-specific models become more and more important for developing dependable and cost-efficient systems. Moreover, each disciplinary model can be developed and evolved following its own semantics and development tools in different rates. The inconsistency between models and the evolution of the collection of models will increase the complexity of design as well as the difficulty of maintaining several models under simultaneous development and changes. This paper proposes a model management approach for multidisciplinary systems and co-simulation. Such model management approach can ensure the model integration and consistency by checking the model interfaces attached to each domain model and the protocol defined in a co-simulation contract. It also can keep track of model evolution along with changing details and making design variants. The concepts of a scenariobased co-simulation framework and a logging mechanism with graphical representation of the model evolution process are also explained.