Latest development in model based engineering methods and modeling environments placed one of the main emphases on representation of multidisciplinary product system. For that reason, discipline specific modeling procedures and model representations are being integrated. One of the largest software applications was emerged concentrating product engineering related problem solving and applying most advanced software engineering methodology. As contribution to research in this area, this paper introduces new approach to intellectual content driven context structure for driving generation process for elements of requirements, functional, logical, and physical (RFLP) structured generic engineering model. The formerly developed initiative, behavior, con-text, and action (IBCA) driving content structure and its processing procedures were revised and extended for this purpose. The new approach supposes R, F, L, and P levels in engineering model, intellectual property (IP) type knowledge accumulation and reuse, and virtually executable structure of global product level contextual simulations. Industrial engineering system is required as implementation environment which is able to organize and manage engineering models for lifecycle of product. This paper starts with discussion of relevant structural elements and features of engineering model which can accommodate the proposed approach based engineering model components. Following this, need for the proposed extended and restructured IBCA structure and the new approach to content based driving of contextual engineering model elements (components) are explained. Rest of paper introduces issues about the new IBCA content structure and concept considering its implementation in industrial product engineering environment.