On September 10, 1995, about 1700 eastern daylight time, a Piper PA-28-161, N150ER, registered to and operated by Embry- Riddle Aeronautical University, was not damaged during a forced landing at the New Smyrna Beach Municipal Airport, New Smyrna Beach, Florida. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 141 instructional flight. The certified flight instructor (CFI), pilot-rated student, and observer were not injured. The flight originated about 1 hour 12 minutes earlier from the Daytona Beach International Airport, Daytona Beach, Florida. The CFI stated that he reduced the throttle to idle to simulate a loss of engine power. The maneuver was discontinued about 500 feet mean sea level with application of power. While climbing through 1,100 feet, the engine suddenly began operating "rough" and the tachometer indicated 2,000 rpm. Attempts to restore engine power were unsuccessful. The CFI then took the controls and landed uneventfully at the New Smyrna Beach Municipal Airport. Disassembly of the engine by the operator revealed that a piston and piston pin both manufactured by Superior Air Parts, Inc., were failed in the No. 2 cylinder. The failed components and an intact piston pin from the same engine were sent to the NTSB Materials Laboratory, Washington, D.C., for metallurgical examination. Metallurgical examination of the failed piston and piston pin revealed that both failed due to fatigue. The surface and core hardness of the failed and intact piston pins were determined to be within the engineering specification. Review of the maintenance records revealed that the failed components had been installed when the engine was last overhauled on March 22, 1995. The components had accumulated 316.9 hours since manufacture.