Simulation plays a central role in scientific discovery. In many applications, the bottleneck is no longer running a simulator; it is choosing among large families of plausible simulators, each corresponding to different forward models/hypotheses consistent with observations. Over large model families, classical Bayesian workflows for model selection are impractical. Furthermore, amortized model selection methods typically hard-code a fixed model prior or complexity penalty at training time, requiring users to commit to a particular parsimony assumption before seeing the data. We introduce PRISM, a simulation-based encoder-decoder that infers a joint posterior over both discrete model structures and associated continuous parameters, while enabling test-time control of model complexity via a tunable model prior that the network is conditioned on. We show that PRISM scales to families with combinatorially many (up to billions) of model instantiations on a synthetic symbolic regression task. As a scientific application, we evaluate PRISM on biophysical modeling for diffusion MRI data, showing the ability to perform model selection across several multi-compartment models, on both synthetic and in vivo neuroimaging data.