As the advent of digital economy changes business environment dramatically, Virtual Enterprise (VE), in general the interactions among business partners in a value chain, has become a key factor to survive under the competitive business environment. VE reveals that more complex and dynamic business processes should be considered as assembled service components in order to integrate the collaborative business processes. Therefore, a formal standard schema for describing and managing the business processes is required. In this paper, we propose a consistent modeling approach that combines enterprise modeling and simulation modeling to design a value chain of a VE. This methodology will provide designers with insight into the business processes of a VE and help identify and resolve unpredictable bottlenecks on the execution of virtual business processes. This paper also illustrates an implemented modeling tool which is based on the generalized model suggested by the working group of ICEIMT and notations by OMG EDOC.