Variable displacement axial piston pumps are widely used for raising the energy level of the fluid in hydraulic systems. And the regulator is the device which regulates the discharge flow of the piston pump by controlling the swivel angle. The regulator receives the hydraulic pilot pressure and controls the pump output flow depending on the machine load and engine speed. This work deals with constant power control (horsepower control) in the design of a regulator by using a bent-axis type piston pump. In order to effectively use engine power, we must keep the horsepower from the engine to the pump constant. Therefore the regulator operates the constant power control. As a result, optimum power usage is obtained by accurately following the power hyperbola. This study focused on developing a simulation model of a regulator. First, the governing equations of the regulator are derived, and analysis is performed by computer simulation, which can identify significant parameters of regulator. As a result, the variation of the swivel angle, flow rate, hyperbolic curve, inner leakage and responsibility are simulated, and significant parameters of a regulator are identified.