The activation key file is called ‘psim.sec’ and located in the root of the Axxon PSIM software installation directory, by default: C:\Program Files\Axxon PSIM\
To find out which Axxon PSIM objects are permitted by the license, you need to decode the license key. To do this, go to the website: https://sale.axxonsoft.com/
The full article: Decoding license key