Can anyone point me to a paper dealing with simulation of QED or the Standard Model in general? I will particularly appreciate a review paper.
Is there a reason that you are interested in QED in particular? For processes within current experimental ranges, the standard perturbative treatment is incredibly accurate, and simulations are not really necessary.
A sector of the standard model where simulations are incredibly important is in strong interactions (QCD) for which a perturbative treatment is not satisfactory as one heads to the IR (low energy). A good reference to start at could be: http://arxiv.org/abs/hep-lat/0506036
The Standard Model theoretical first and second order terms plus QCD approximations are input as generators for the Monte Carlo simulations for the LHC data :
These Monte Carlos have in addition as input the description of the detector and the processes that prescribe the tracks and hits to simulate the signals of the interaction in the detector.
Keep in mind that in high energy physics the Monte Carlo method is an integration method, convoluting all the inputs, theoretical and detector dependent. Events are generated as if they are real events and a data base is created which is studied and compared to the real data.