Runtime verification is checking whether a system execution satisfies or violates a given correctness property. A procedure that automatically, and typically on the fly, verifies conformance of the system's behavior to the specified property is called a monitor. Nowadays, a variety of formalisms are used to express properties on observed behavior of computer systems, and a lot of methods have been proposed to construct monitors. However, it is a frequent situation when advanced formalisms and methods are not needed, because an executable model of the system is available. The original purpose and structure of the model are out of importance; rather what is required is that the system and its model have similar sets of interfaces. In this case, monitoring is carried out as follows. Two "black boxes", the system and its reference model, are executed in parallel and stimulated with the same input sequences; the monitor dynamically captures their output traces and tries to match them. The main problem is that a model is usually more abstract than the real system, both in terms of functionality and timing. Therefore, trace-to-trace matching is not straightforward and allows the system to produce events in different order or even miss some of them. The paper studies on-the-fly conformance relations for timed systems (i.e., systems whose inputs and outputs are distributed along the time axis). It also suggests a practice-oriented methodology for creating and configuring monitors for timed systems based on executable models. The methodology has been successfully applied to a number of industrial projects of simulation-based hardware verification.