Hi Steven,
Since Modbus is a serial based protocol, you can use PXI-8421 board and simulate multiple Modbus slave. I assume you will be using LabVIEW. Here are some links you might want to check out.
http://ae.natinst.com/operations/ae/public.nsf/fca7838c4500dc10862567a100753500/2cd034f223c650e9862569570041995c?OpenDocument
http://www.softwaretoolbox.com/store/item_pages/itempage_63.asp
I hope this helps,
Best Regards,
Remzi A.
Applications Engineering
National Instruments