Multicarrier modulations such as OFDM with adaptive modulation and coding (AMC) are well suited for high data rate broadband systems that operate in multipath environments and are considered as promising candidates for future generation cellular systems (e.g., 4G). Cellular system performance is normally investigated with system level simulations that are computationally complex. For broadband multicarrier systems, incorporating a detailed physical layer emulator into the system simulator becomes impractical, so there is a need for simplified link performance predictors. However, due to the large variability of the channel in the frequency domain, two links with the same average SNR can experience drastically different performance, thus making it difficult to accurately predict the instantaneous link performance such as the frame error rate. In this paper, the accuracy of two FER prediction methods is studied: Packet error rate indicator (PER-indicator) and exponential effective SIR mapping (Exp-ESM). Both methods are shown to have accuracy within a few tenths of a dB under a wide range of modulation schemes, coding rates and channel types. These methods are then extended to handle more advanced link enhancements such as hybrid ARQ and Alamouti encoding. The Exp-ESM method has slightly better accuracy than the PER-indicator, and is the preferred link error predictor for a system simulator.