A common problem in transient rotordynamic simulations is the numerical effort necessary for the computation of hydrodynamic bearing forces. Due to the nonlinear interaction between the rotordynamic and hydrodynamic systems, an adequate prediction of shaft oscillations requires a solution of the Reynolds equation at every time step. Since closed-form analytical solutions are only known for highly simplified models, numerical methods or look-up table techniques are usually employed. Numerical solutions provide excellent accuracy and allow a consideration of various physical influences that may affect the pressure generation in the bearing (e.g., cavitation or shaft tilting), but they are computationally expensive. Look-up tables are less universal because the interpolation effort and the database size increase significantly with every considered physical effect that introduces additional independent variables. In recent studies, the Reynolds equation was solved semianalytically by means of the scaled boundary finite element method (SBFEM). Compared to the finite element method (FEM), this solution is relatively fast if a small discretization error is desired or if the slenderness ratio of the bearing is large. The accuracy and efficiency of this approach, which have already been investigated for single calls of the Reynolds equation, are now examined in the context of rotordynamic simulations. For comparison of the simulation results and the computational effort, two numerical reference solutions based on the FEM and the finite volume method (FVM) are also analyzed.