How to mimic two-finger scroll/drag gesture on ios simulator?

Holding the "Alt/Option" key and dragging simulates multi-touch pinch-to-zoom.

Holding "Alt/Option + Shift" and dragging simulates multi-touch scrolling.

There is a nice table with all the supported gestures in the iOS Simulator User Guide from Apple. Here is the extract for the two-finger drag:

1. Place the pointer where you want the two-finger drag to occur.
2. Hold down the Option key.
3. Move the circles that represent finger touches to the start position.
4. Move the center of the pinch target by holding down the Shift key, moving the circles to the desired center position, and releasing the Shift key.
5. Hold down the Shift key and the mouse button, move the circles in the direction you want to drag, and release both the Shift key and the mouse button.

Hope it helps.

The best way to scroll in the iPad simulator is by the Three Fingers dragging, which is a global setup of the OS X and not a particular feature of the iOS simulator.

In order to scroll using three fingers you need to turn on the 'Three Finger Drag' under TrackPad > Point and Click in the Settings App of OS X.

and to set the Mission Control and App Exposé to use four fingers (in TrackPad > More Gestures in the Settings App of OS X)

(I made beautiful screenshots, but I'm too rocky to post answers with images)