Final answer:
The technique that simulates optical effects by tracing the path of light rays is Ray Tracing, which is a part of geometric optics and creates real images.
Step-by-step explanation:
The global illumination technique that simulates the optical effects of illumination by tracing the path of light rays is B) Ray Tracing. This technique involves graphically determining the paths that light rays take as they travel through empty space, through various media, or after being reflected from a mirror. This aspect of light behavior is studied in the field of geometric optics, where the ray model of light describes light traveling in straight lines. Moreover, ray tracing can be used to create real images, where light rays from one point on an object actually cross at the location of the image, which can then be projected onto a screen or other surfaces.