Solution
It is possible to simulate RT Targets in the LabVIEW Project, but there is no way to run/test code in the simulated hardware. To add simulated targets to your LabVIEW project, follow the steps below:
- To add a Real-Time target, right-click on the project name at the top of the Project Explorer window and select New»Targets and Devices...
- Next, select New target or device. A list of devices you can create without the physical target will be displayed. Highlight the desired target type and click OK. The new target populates beneath the named project in the Project Explorer window. For instance, a cRIO-9033.
If your RT VI has no hardware dependencies (i.e. C Series Modules) or RT features, you can drag and drop the RT VI under My Computer in the LabVIEW Project to be able to run/test the code.

Without hardware, you can also build an RT executable as usual. You can deploy it with or without LabVIEW as explained in the Deploying a LabVIEW Real-Time Startup Executable Without the LabVIEW Development Environment article.