With 'system.sim = steady' transients are suppressed and only slow dynamics, imposed by the source-voltage is resolved.
This approximation corresponds to an infinitely fast response of the system.

The example uses the dqo-representation, but is valid for abc too.

See for example:

  meter.p[1]  active power in pu, changing from 0.5 (1000 MW) to 0.25 (500 MW)
  meter.p[2]  reactive power in pu, from 0.25 (500 MW) to 0.125 (250 MW)
and other meter-signals.

up users guide

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