In this paper, we provide a general risk evaluation method for analog simulation missions, in terms of identification of potential hazards and risks, which could affect the positive outcome of a pre-designed mission. The risk analysis method considers the risk evaluation of each mission's foreseen experiment, and the evaluation of other general factors which could have an impact on the entire operation. The scope of this analysis is to ensure that all the undertaken operations are analysed and well defined. We paid special attention to the assessment of the safety issues related to the execution of the experiments. The methodology includes elements of the Fault Tree Analysis (FTA) and the development of a specific risk-reduction strategy, appropriately scaled and simplified for the space simulation mission scope. Also, we introduced the Risk Cube concept, a new useful tool that can be applied to other types of Space missions. It represents a higher level of abstraction, yet characterized by a simpler approach. The added value of the Risk Cube concept is that it is possible to identify all the domains of occurrence of the risks, visualize the interconnection of the different risks, and contribute to creating a mental map whose aim is to identify all the possible factors and requirements that could have some influence on the outcome of the risk analysis.