Reversible simulation of irreversible algorithms is analyzed in the stylized form of a `reversible' pebble game. While such simulations incur little overhead in additional computation time, they use a large amount of additional memory space during the computation. The reacheable reversible simulation instantaneous descriptions (pebble configurations) are characterized completely. As a corollary we obtain the reversible simulation by Bennett and that among all simulations that can be modelled by the pebble game, Bennett's simulation is optimal in that it uses the least auxiliary space for the greatest number of simulated steps. One can reduce the auxiliary storage overhead incurred by the reversible simulation at the cost of allowing limited erasing leading to an irreversibility-space tradeoff. We show that in this resource-bounded setting the limited erasing needs to be performed at precise instants during the simulation. We show that the reversible simulation can be modified so that it is applicable also when the simulated computation time is unknown.