Despite great advances in the area of Formal Verification during the last ten years, simulation is currently the primary means for performing design verification. The definition of an accurate and pragmatic measure for the coverage achieved by a suite of simulation vectors and the related problem of coverage directed automatic test generation are of great importance. In this paper we introduce a new set of metrics, called the Event Sequence Coverage Metrics (ESCMs). Our approach is based on a simple and automatic method to extract the control flow of a circuit so that the resulting state space can be explored for validation coverage analysis and automatic test generation. During simulation we monitor, in addition to state and transition coverage, whether certain control event sequences take place or not. We then combine formal verification techniques, using BDDs as the underlying representation, with traditional ATPG and behavioral test generation techniques to automatically generate additional sequences which traverse uncovered parts of the control state graph, or exercise an uninstantiated control event sequence.