Where could I find some information on how to approach a hydraulic, or fluid power, component simulation.

(1). It would be easier to understand if you can be more specific about the "fluid power components".

I would like to run a CFD analysis on hydraulic oil passing through SAE fittings and/or T-junctions. The goal is to find out how the flow changes as gpm and temperature change. I am looking for references that would help me learn how to do this.

(1). Very good. So, you are looking for CFD solution of flow through pipes and fittings. (2). For the straight pipe and straight fitting, axisymmetric flow analysis would give you quicker answer because it is 2-D axisymmetric. (3). In general, you need a 3-D analysis. (4). I can only guess that you need a 3-D incompressible flow code, you need the geometry of the pipe, fitting, and T-junction ( internal geometry), you need to build a computational mesh. Then you set the inlet, exit and the wall boundary conditions to start the computation. (5). The wall temperature can be set to either the constant temperature condition, or zero heat transfer condition. (6). Since you are looking for the temperature increase effect, you have to include the energy equation in the calculation. You also must include the viscous dissipating function terms in the energy equation. (7). Is this enough for you to get started?

As you are in a CFD site then I assume you are aware of commercial CFD software. Try looking at CFDRC's website (www.cfdrc.com) there is lots of info there - some examples of hydraulic modeling, e.g. oil-pump with cavitation.