The article examines self-similar properties of real telecommunications network traffic data over a wide range of time scales. These self-similar properties are very different from the properties of traditional models based on Poisson and Markov-modulated Poisson processes. Simulation with stochastic and long range dependent traffic source models is performed, and the algorithms for buffer overflow simulation for finite buffer single server model under self-similar traffic load SSM/M/1/B are explained. The algorithms for modeling fixedlength sequence generators that are used to simulate self-similar behavior of wireless IP network traffic are developed and applied. Numerical examples are provided, and simulation results are analyzed.