This is something I have been thinking about for a while. Xilinx has a nice BFM for Zynq but it requires a license to run the AXI3 models. The following open-source AXI (3 for now) BFM is a start to run the Zynq BFM without any license. I have coded and tested enough of this models to verify that the default Zynq test program simulates and passes.
Here is the github project: https://github.com/muzafferkal/axi-bfm

Here is how I tested the models:

* Use Vivado 2015.2
* Create a new microprocessor project with Zynq and name it zynq_example.
* After your project is created, goto zynq_example\zynq_example.srcs\sim_1\imports\base_zynq_design directory and edit zynq_tb.v file which was automatically created.
* Add the following two lines somewhere in the module (this is necessary for Vivado to load the two sv files; otherwise they are not compiled and simulation doesn’t link)
axi3_master_bfm mstr();
axi3_slave_bfm slv();
* Add the two sv files to your project.
* Finally goto zynq_example\zynq_example.srcs\sources_1\ipshared\xilinx.com\processing_system7_bfm_v2_0\xxxxxxxx\hdl
and edit the following three files to rename the instantiation of the axi3_master_bfm and axi3_slave_bfm instances:

processing_system7_bfm_v2_0_axi_master.v
processing_system7_bfm_v2_0_afi_slave.v
processing_system7_bfm_v2_0_axi_slave.v

* At this point, you should be able to simulate the default design, observe that the led’s toggle and the simulation “passes”; Good luck and keep in touch.