Rail transit is a kind of rail transit based on fixed lines, which is carried out through special vehicles, passengers, and goods. However, urban rail transit construction activities are mostly underground activities, the construction environment and construction technology are complex, and the potential disaster risks are different. At present, the traditional 3D simulation technology is lack of interactive experience, but with the development of VR technology, 3D panorama technology, as a branch of VR technology, is rapidly popularized with its interactive and immersive characteristics. VR reality technology is applied in aerospace, real estate, education, entertainment, games, and other fields. Therefore, authors propose the application of VR panoramic technology based on the Unity3D engine and HTC Vive interactive equipment in the urban rail transit vehicle engineering simulation system. Furthermore, the content construction scheme and the overall development process of the simulation system are given. The function of VR technology in the simulation system and the main technology of real-time interaction for vehicle maintenance are discussed. The methods of literature analysis, expert interviews, on-site data acquisition, and questionnaire surveys are applied. By determining the intensity of protection measures, improving the construction quality of urban rail transit, preventing and controlling risks, and making the best plan and measures from a systematic point of view. From the final results of this study, user can gradually change the traditional ideas and methods of urban rail transit disaster prevention and mitigation and implement VR technology in the urban rail transit vehicle engineering simulation system, which plays a very important role in improving the safety management efficiency of urban rail transit construction.