The balanced comparator, a pair of Josephson junctions, is a key building block and decision-making element for the Rapid Single Flux Quantum (RSFQ) logic family. The properties of the balanced comparator (BC) define the maximum clock frequency and bit error rate (BER) of RSFQ circuits. Comparators are well characterized by two parameters, the gray zone (GZ) and the gray zone threshold (GZT). Both parameters depend on the dynamic properties of a pair of junctions forming the BC and its surrounding circuitry. In addition, the gray zone depends on the thermal noise in Josephson junctions. The GZ and GZT parameters can be easily measured for various balanced comparators and be used for model-to-hardware correlations. It makes the balanced comparator a unique object to validate and calibrate any Josephson simulator by comparing measured and simulated characteristics, including both dynamic and noise properties. In this paper we used a set of balanced comparators designed for the SFQ5ee fabrication process at MIT Lincoln Laboratory to validate and calibrate the Synopsys PrimeSim HSPICE simulator. We were able to match experimental and simulated results and reproduce in simulations the main features observed experimentally and predicted theoretically. The list of the recommended design variations to validate a Josephson simulator is provided in the paper.