I think I am missing some thing. How would ktechlab have all those components even the complicated ones, and not a simple 5 volt regulator.

Ktechlab is still in development, and one article I read states that it's being rewritten in c++.

In my search for "ktechlab voltage regulator", I found source code for a voltage regulator in c++ and in c. You may be able to use that code to recompile your installation of ktechlab and add a voltage regulator.

As an alternative, you could look up circuit designs for voltage regulators and build one as a project. Save it and add it to your circuit(s) as needed.

Finally, when you have a design that works for you, send your code to the ktechlab devel team for possible addition to a future upgrade of ktechlab.

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The files voltageregulator.cpp, voltageregulator.h
are included in e.g. the ktechlab source code version 0.3.7
http://ktechlab.sourcearchive.com/downloads/0.3.7-3/
→ ktechlab-0.3.7.orig/src/electronics/components/*

Ktechlab-0.3.7 is available as a package for Debian Squeeze
http://packages.debian.org/squeeze/ktechlab

Sorry, I don't have (and can't currently get) ktechlab installed, but

• You'd think that a voltage regulator was a pretty common component, but I'd bet, in simulation, most people, most of the time use a voltage source. Maybe they shouldn't for some particular applications, but i'd still bet that voltage sources are used most often.
• You could make your own; a series pass transistor and a Zener diode aren't exactly the most techie pile of components that you have ever seen, but that, plus maybe one or two other components, probably enable you to move on.

In the case in which, say, the timing of the reset line out of a power manager/regulator type IC was critical, you'd probably have no choice (but then you probably wouldn't find exactly the component that you want in ktechlab anyway) and then you'd have little alternative, but most of the time people will find a 'work around'.