When you use Vivado's XPM library, it might happen that you get one of the following errors:

ERROR: [VRFC 10-149] 'vcomponents' is not compiled in library xpm
XSim: 'vcomponents' is not compiled in library xpm [VRFC 10-149]

The reason for this is that XSim by default doesn't know where to find the pre-compiled vcomponents in the xpm library. To resolve this issue, it's sufficient to add the location of the pre-compiled ip to the XSim.ini file:

xpm=$RDI_DATADIR/xsim/ip/xpm

This only works for Vivado 2016.3 and newer as stated by this Xilinx Answer Record.