In this paper we present the application of random simulation in formal verification of functional equivalence of hardware designs. We demonstrate that random simulation can effectively complement BDD-based verification approaches in three areas: (1) quick generation of counter example pattern for miscomparing designs, (2) exhaustive comparison of small functions, and (3) providing meaningful signatures for design partitioning based on functionally equivalent cut-points. The presentation describes a smooth and efficient integration of a simulation algorithm in-to a general verification framework. In this framework the simulator can be applied as one of various engines for Boolean reasoning the outcome of which might be undecided.