Register transfer level (RTL) simulation is an invaluable tool for developing, debugging, verifying, and validating hardware designs. Despite the parallel nature of hardware, existing parallel RTL simulators yield speedups unattractive for practical application due to high communication and synchronization costs incurred by typical circuit topologies. We present RepCut, a novel parallel RTL simulation methodology. RepCut is enabled by our replication-aided partitioning approach that cuts the circuit into balanced partitions with small overlaps. By replicating the overlaps, RepCut eliminates problematic data dependences between partitions and significantly reduces expensive synchronization overhead between parallel threads. RepCut outperforms state-of-the-art simulators, and when simulating a large system-on-chip with multiple out-of-order cores, it achieves a 27.10× speedup (superlinear) using 24 threads with only a 3.81% replication cost.