Professor Lee posted a summary on 3/4/99 about this, 
the subject was 'Ptolemy vs. Matlab'
See
http://www.egroups.com/group/ptolemy-hackers/1155.html?

Under the same subject, I posted a few ideas, see
http://www.egroups.com/group/ptolemy-hackers/1154.html?

-Christopher

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    Hi Ptolemy Users,
    
    I have been curious to know whether Ptolemy scores over Matlab\ Simulink,
    as a modelling tool, in any particular way i.e. is there any particular
    advantage of the computing models referred to as 'domains' used in
    ptolemy over Simulink?
    
    I am looking to model a communication subsystem and have a choice of both
    tools so was keen to know the better features of both. 
    
    I am using Ptolemy Classic and not Ptolemy II.
    
    
    Thanks,
    Sharad Kumar
    
    Graduate Student
    Michigan State University
    
    
    
    
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