This paper presents the development of real-time (RT) engine and vehicle models for transmission-in-the-loop (TIL) experiments. In this TIL experimental setup, the input side of the transmission is controlled by a dynamometer emulating the engine, whereas the output sides of the transmission are controlled by two dynamometers emulating the wheels. The models emulating these vehicle-components are required to possess sufficient fidelity to simulate engine torque pulse (ETP) and wheel-slip dynamics while being computationally efficient to run in RT. The engine and tire models available in the literature that accurately capture these dynamics are often computationally intensive and not suited for RT simulation. This paper presents the modeling details of a RT semi-empirical engine model and a physics based tire model, capable of accurately emulating the desired dynamic loads for the TIL experiments. Parameters of the engine model are identified using experimental data, and both the models are validated in pure simulation. Finally, open and closed loop test results are presented to demonstrate successful emulation during the TIL experimentation.