In NI Measurement & Automation Explorer (MAX), it is not possible to simulate but NI PXI LCR Meter (PXIe-4190) can be simulated with NI Hardware Configuration Utility (HCU).
Note that a PXIe chassis need to be simulated (if there is no real hardware) to use it with the simulated PXIe-4190. The steps to create simulated chassis are same as below.