Purpose: Nursing students' competence in virtual simulation-based learning is a key factor in its success. This study explored the validity and reliability of a virtual-simulation-based learning competency self-evaluation tool for nursing students. Methods: Data were collected from a web-based survey. First, 11 nursing professors participated in a focus group interview, and 7 simulation education experts participated in the preliminary item content validity. The participants in these two aspects were not the same. Then, a preliminary survey was conducted with 15 fourth-year nursing students in I City. Next, based on these three efforts, a final survey comprising 20 evaluation items was developed. This survey was administered to third- and fourth-year nursing students at four nursing colleges in Korean provinces (Seoul, Gyeonggi, Gangwon, and Gyeongsan-do); 222 complete questionnaires were used for the final analysis. Further, Kirkpatrick’s evaluation model was used for four steps each of tool development and verification processes of the associated psychometric aspects, for a total of eight steps. An exploratory factor analysis was performed on the collected survey data, and verify the tool's validity and reliability. Results: Four factors comprising 15 items explained 66.59% of the variance: learning preparation and start-up (4 items), nursing assessment (3 items), data interpretation (3 items), and problem solving (5 items). The Cronbach's α of the tool was 0.74, and that of the factors ranged from 0.72 to 0.80. Conclusions: The tool's validity and reliability were demonstrated using established methodologies. This tool can be useful for evaluating Korean nursing students' virtual simulation learning competence.