In nanomagnetism, the studies of magnetic nanoparticle systems are of particular interest from both experimental and theoretical points of view. Experimentally, the measurements made on such a system are hard to interpret. It is very difficult to distinguish the effect of the magnetic dipole interactions from the effects of size distribution or effective magnetic anisotropy constants. In this respect, the simulation models can help. This paper presents a study comparing the two conventional approaches, using simulation models for the magnetic relaxation dynamics of nanoparticle systems, i.e. a phenomenological Ising-type approach, on two levels, and a stochastic approach. The paper also shows a way of using these approaches in creating a model to simulate the Néel magnetic relaxation time for aligned magnetic nanoparticle systems.