Yeah, it's the original slow cooker!
As for the temps: especially since you are looking to simmer the food like a slow cooker, I'd put your burner somewhere near the lowest setting (electric, I assume?) for low, and not higher than medium for high. If you go much higher than medium, you're going to cook your food a lot faster than a slow cooker would.
I think you might be able to figure it out this way, too: think about a pot roast. You can cook it in a slow cooker or a dutch oven, or roast it in your oven. If you were going to slow roast it in the oven, what temp would you set it on? Then what does your recipe or owner's manual say for the slow cooker? For the dutch oven? Most pot roast recipes I've seen have instructions for at least two of those ways. One or the other will give you an idea of how to translate from the slow cooker to the stove-top (I just always go by intuition or call a family member).