Simultaneous Transmission And Reception (STAR) has the potential to remove the constraint of temporal separation between transmission and reception. In principle, much shorter acquisition times with significantly higher signal strength compared to pulsed sequences should be achievable. However, the signal characteristics differ from that of the conventional pulsed-RF framework. In this work, we characterize STAR characteristics with extended phase graph (EPG) simulation. We show the signal evolution from a simple STAR experiment as well as how tissue contrast could be generated in steady state.