Racetrack memories (RTMs) have drawn considerable attention from computer architects of late. Owing to the ultra-high capacity and comparable access latency to SRAM, RTMs are promising candidates to revolutionize the memory subsystem. In order to evaluate their performance and suitability at various levels in the memory hierarchy, it is crucial to have RTM-specific simulation tools that accurately model their behavior and enable exhaustive design space exploration. To this end, we propose RTSim, an open source cycle-accurate memory simulator that enables performance evaluation of the domain-wall-based racetrack memories. The skyrmions-based RTMs can also be modeled with RTSim because they are architecturally similar to domain-wall-based RTMs. RTSim is developed in collaboration with physicists and computer scientists. It accurately models RTM-specific shift operations, access ports management and the sequence of memory commands beside handling the routine read/write operations. RTSim is built on top of NVMain2.0, offering larger design space for exploration.