iPhone Simulator Data Location

The iPhone simulator stores the library folder.
~/Library/Application Support/iPhone Simulator/User/
or
~/Library/Application Support/iPhone Simulator/[OS version]/Applications/[appGUID]/
depending on the SDK.

To see this exact path you can use the following code:

NSArray *paths = NSSearchPathForDirectoriesInDomains(NSDocumentDirectory, NSUserDomainMask, YES);
NSString *documentsDirectory = [paths objectAtIndex:0];