Another up-and-coming solution is Julia's simulation ecosystem [1]. It is powered by the commercial organization behind the Julia programming language, which has received DARPA funding [2] to build out these tools. This ecosystem unifies researchers in numerical methods [3], scalable compute, and domain experts in modeling engineering systems (electrical, mechanical, etc.) I believe this is where simulation is headed.
But this representation is exclusive to JuliaSim, is it not? MTK package didn't have equivalents of Dialog, Icon and Diagram annotations the last time I checked.