Background: Simulation-based learning (SBL) in nursing education is an innovative pedagogical approach that has significantly improved nursing education. Adopting SBL provides a controlled environment for meeting educational objectives without the risk of harm to real patients. Given that social distancing is required during the coronavirus disease (COVID-19) pandemic, SBL is a suitable alternative to clinical training for nursing students to learn and acquire the required clinical competencies. The study aimed to describe the effectiveness of SBL as a complete substitute for clinical experience from the perspective of students. This cross-sectional descriptive survey investigated students’ perceptions regarding the description of the effectiveness of SBL in four nursing colleges at four different universities across the Kingdom of Saudi Arabia. Settings: Four nursing colleges at four different universities across the Kingdom of Saudi Arabia. Participants included nursing students who attended simulation sessions. Data were collected by distributing a self-administrated online questionnaire, the Modified Simulation Effectiveness Tool (SET-M), which is a 19-item. Results: Approximately two-thirds of the participants were in their third (30.4%) and fourth (44.5%) academic year. The highest student presentation was for Site 1 (39.5%) and Site 2 (32.5%). Significant differences existed in all domains according to sex and university (p ≤ 0.001). There was a significant difference in relation to the level of agreement for pre-briefing, scenario, and debriefing domains (<0.001). Conclusions: SBL is a valuable teaching strategy that enhances nursing students’ self-awareness, self-confidence, clinical performance, and efficiency in performing procedures with considerable gender variation. Female students had more positive perceptions toward simulation effectiveness.