IPS has many special characteristics, such as using multi-phase, multi-frequency and hybrid AC/DC devices. As a result, existing electromagnetic transient simulators developed for power systems on land do not apply to IPS. This paper aims to build up a parallel based real-time electromagnetic transient simulator for IPS. A fast multi-switching process method for parallel electromagnetic transient simulations is coined to handle the tremendous switch events in IPS. To solve the difficulties brought by multi-phase machines in IPS, a multilevel hybrid parallel algorithm is forged through the combination of component level and network level parallelization. Based on the key techniques mentioned above, a parallel simulator is built up. Through sufficient testing to typical examples of IPS, the accuracy and high-efficiency of the simulator are proved.