A novel type of regenerative braking system for electric vehicles is proposed in this paper. Four pressure-difference-limit valves, two relief valves and two brake pedal simulators, are added to the layout of a conventional four-channel hydraulic modulator. The cooperation of relief valves and hydraulic pumps provides a stabilized high-pressure source. Pressure-difference-limit valves ensure that the pressure in each wheel cylinder can be modulated separately at a high precision. Besides, the functions of anti-lock braking system and electronic stability program are integrated in this regenerative braking system. The models of regenerative braking controller and vehicle dynamics are built in MATLAB/Simulink. Hydraulic brake model is built in AMESim through a parameterized and modularized method. Meanwhile, the control strategy of hydraulic brake modulation and brake force distribution are designed. Simulations are conducted via co-simulation interface between MATLAB and AMESim under scenarios of typical braking and ECE driving cycle. Simulation results show that regenerative and hydraulic braking forces are coordinated well during typical braking process, verifying the feasibility and effectiveness of the models built and strategies proposed. Under an ECE driving cycle, the proposed RBS can recover more than 75% of the total recoverable braking energy, which lengthen the vehicle’s driving range by more than 24%.