This paper provides a practical overview of the various processes that enable a collaborative exchange of simulation models across independent simulation tools, with focus on the Functional Mock-up Interface (FMI) Standard. This approach eliminates the need of re-developing the same dynamic simulation model components for being used in different tools for power system analysis, thus reducing development time and required resources. In this paper, the model exchange procedure is discussed on the basis of a practical example, both from the model development (export) as well as the model usage perspective. Two commonly used simulation tools are used as demonstrative platforms. The simulation model is exchanged by using a Functional Mock-up Unit (FMU) file containing the model in a fully automated export-import process. Several aspects, relevant for simulation of power systems are addressed: model initialization based on a power flow solution, support of model snapshots, multi-instantiation, compatibility with and usage in Phasor Time Domain (PTD, known also as RMS) or Electro-magnetic Transients (EMT) simulations. A comparison between the simulation results produced with the two simulation tools is presented and discussed.