The relay will work however you can buy pre-made relay boards for the arduino in many places for about the same money as the individual relay would cost.
You will need a PCB of some kind whether it's Veroboard or a proto shield or what ever and an NPN transistor 2N3904 - 2N2222 a 1K resistor and a 1N4001 diode as a minimum parts count you should add an optional but useful 100 nF capacitor from 5V source to ground.
Unless you have a supply of commonly used parts these will be needed to construct a relay interface board. I wouldn't worry about simulating the relay as it is really sort of optional now.
Until you have a larger understanding of electronics most of what the simulation will return to you will be pretty arcane any way.
A description follows:
Mount the relay on your selected board connect a 100 nF capacitor from your selected ground trace on the PCB to the PCB trace you have selected to be your 5V source trace.
Connect a diode across the relay coil and connect the cathode end (the end with the stripe) to the 5V trace. mount or solder the NPN transistor to the board and connect the collector lead to the remaining relay coil terminal and the anode end of the diode (the end W/O the stripe).
You can connect an optional LED across the coil, connect a 220R resistor in series with the LED and connect the cathode to the collector of the transistor and the anode to the resistor to the 5V source. The LED will light when the relay is activated
Ground the emitter of the transistor.
Connect one end of the 1K resistor to the base lead of the transistor and connect the other end of the 1K resistor to the trace you will be connecting to the Arduino control pin (relay control pin). Recheck ALL Parts for correct connections, for good soldering and insure that there are no accidental short circuits to other parts or unused traces on the Protoboard. If you are happy with your work and inspection then test it.
When the control pin is high the relay will pull in when the control pin is low the relay will drop out... Simple.
Remember to connect the contacts of the relay to places where you can connect to the circuit being controlled and DO NOT connect any of the relay contacts to ANYTHING that connects to the Arduino.
Test your relay board as follows: Connect the ground lead to the ground of a 5V source, connect the 5V source to the 5V source lead on the relay board and note that the relay doesn't operate. Connect the 'open' end of the 1K resistor to the 5V source used for testing and note that the relay operates and If you have added the LED that the LED lights.
If the relay board passes the tests you can connect the relay to the Arduino. Ground to the Arduino ground, 5V to the Arduino ground and control to the pin you've designated as the control pin
The reason why the simulation is less than useful is because it is designed for an unknown relay and the relay you've selected was designed to be controlled in this manner to simulation isn't needed as the relay coil's properties are well known and well in the range of the transistors specifications.
Simulations are great tools for predicting circuit behavior or just for education and the information you require for the simulation can be found on a comprehensive data sheet for the part.
Simulating this circuit however is not really very interesting. Your simulation tool has a fault in it common to many relay simulations and that is that the relay's inductance will change when the relay is activated as the armature is now pulled to the coil and this changes the coil inductance.. so the real data will not match the data returned by the simulation.
Unless the device controlling the relay has some current dependence use the pulled in value for the coil inductance as it is worst case (Highest).
Basically choose a transistor with at least twice the required collector current requirements of the relay coil and at least 10 times the source voltage (Vceo).
The 2N3904 (data sheet attached) will fill the specifications nicely and is frequently used as a transistor to control relays of the type you've chosen.
The 2N2222 is also a good choice and frequently used to do the same task. Have Fun...
Doc
2N3904.pdf (119 KB)