I used to have a Magnify Plugin for Premiere and was wondering if there is one for Vegas? I know I can simulate it but I was looking for an easier method.

Not aware of one specifically for Vegas but you might want to consider exporting a stills sequence from Vegas then applying one of the free magnifying glass plugins for Photoshop (and compatibles).

As you already suggested, it can be simulated using standard Vegas plugins and functions (in a number of ways, I guess, depending on what you want the end result to look like).

Hmmm, thinking about it, I guess you could even go as far as screen capturing while using one of the numerous screen magnifiers available.