You want to be able to call the Corona Simulator from within Eclipse, so you do not have to go select the file each time you want to test a quick change.
The Solution
First you want to expand your project and choose a main.lua file. This will be the process of running the simulator in the future.
Select the Run/External Tools/External Tools Configurations
Hightlight Program. Click on “New launch configuration†icon
Enter the Name (you can use anything here).
Browse for the location of your Corona Simulator.exe (different on mac).
Use the folder location for the working directory.
Put in the following arguments ${workspace_loc}\${container_path}\${selected_resource_name}
Click Apply and then Run.
The Corona Simulator should start and launch your selected main.lua application.
Going forward in your workspace you only have to select your main.lua file then click on the run icon.
Summary
We set up an external tools configuration to run our applications in the Corona Simulator. This allows us to be able to run the simulator for any main.lua application in our current workspace without having to start the simulator manually. This is definitely saving me needed development time.