Matlab allows you to model different load types (inductive, resistive) in different states (AC or DC motor, transformer, heater, switched) and incorporates the resulting transients into the simulation.
You can write code for the PIC and handle it just as you would real life, and connect it to the FETs, or IGBTs to the load.
It will allow you to follow temperature and electrical changes in the devices running under normal conditions or you can add abnormal loading or failing conditions to simulate how the devices will react.