Locomotive wheel wear and rolling contact fatigue simulations that consider both train dynamics and detailed traction control systems have not been reported. This paper developed a parallel co-simulation method to link an in-house longitudinal train dynamics simulator to a commercial software package named GENSYS. An advanced longitudinal train dynamics model, a traction control system model and a wheel–rail contact model were then incorporated into the simulation. Three wear calculation models (T-gamma model, USFD model and Archard model) and two rolling contact fatigue calculation models (T-gamma-based rolling contact fatigue model and shakedown-based rolling contact fatigue model) were implemented. A train with the configuration of 1 locomotive +54 wagons +1 locomotive +54 wagons was simulated. This paper shows that the simulation method is successful and can be used for such more detailed locomotive wheel wear and rolling contact fatigue calculations. Wear and rolling contact fatigue calculation results show that the wear numbers that were calculated using the T-gamma wear model and damage indexes that were calculated using the T-gamma-based rolling contact fatigue model were similar between the leading and remote locomotives. However, wear rates that were calculated using the USFD wear model, wear volumes that were calculated using the Archard model and fatigue indexes that were calculated using the shakedown-based rolling contact fatigue model have evident differences between the leading and remote locomotives. Maximum differences in these results were about 12, 18 and 34%, respectively.