As I said above I believe the term 'time-step' comes from the action/reward step in a Markov Decision Process, and their number is aligned to the number of cycles of action->simulate->observe->reward within your episode.
An episode seems to be a series of timesteps resulting in a terminal state. I would expect that's often equivalent to a model run.
In the ML world is seems this doesn't have to be the case in that you could define an episode as 11 hands of cards and the terminal state is having played them all since the target outcome is to win the majority. The same could be true when applied to simulations in that you might define an episode as n replications and you might be interested in achieving a certain kpi in 95% of them. I'm not yet sure if FlexSim supports this.
The definition of epochs seems to vary a little but most talk about one pass through a training dataset.
Note: I'm new to ML/RL and trying to get up to speed, so may need correcting on this. You can probably search the internet and find all the definitions.