A Monte Carlo technique has been developed to simulate the expected signal and the statistical noise of x-ray spectrometers that use streak cameras to achieve the time resolution required for ultrafast diagnostics of laser-generated plasmas. The technique accounts for statistics from both the photons incident on the streak camera’s photocathode and the electrons emitted by the photocathode travelling through the camera’s electron optics to the sensor. We use the technique to optimize the design of a spectrometer, which deduces the temporal history of electron temperature of the hotspot in an inertial confinement fusion implosion from its hard x-ray continuum emission spectra. The technique is general enough to be applied to any instrument using an x-ray streak camera.