(2024 edition)
First of all, I like to use TAP interfaces for networking, since they are full featured interfaces and can be used as non-root. The absolutely best way to configure networking for SIMH would be a standard network bridge between WLAN0 and a TAP interface, and this is how I've done it on my normal SIMH setups. However, bridging is not possible with Raspberry Pi's WLAN interface.
Other options would be the builtin NAT functionality in SIMH, or a normal NAT setup between wlan0 and a tap interface (which I initially settled on).