Sims will judge the 12 competing artists alongside designer Kenneth Cole and InStyle editor Ariel Foxman. Lifestyle expert Eva Lorenzotti will "make it work" as the Tim Gunn-like mentor to the designers.
Project Accessory, premiering later this year on Lifetime, will run for eight episodes and follow 12 designers competing to showcase their unique style as they create jewelry, bags, belts, shoes, headpieces and other items.
This is the second spin-off of the fashion competition series following Models of the Runway, which lasted two seasons and followed the models competing on Project Runway.
Sims, best known from her modeling days and five-year stint on Las Vegas, also hosted MTV's House of Style. Cole has been in the fashion industry for more than 25 years. Foxman has been the editor of InStyle since 2008, and is the magazine's first male editor.