Here's how I'm guessing LFS does it based on what you can see from the forces view.
Cars have a general downforce figure, and a downforce figure for any aerodynamic surfaces (front+rear spoiler, where fitted). These surfaces are represented as a point.
The forward component of that point's speed is measured (i.e. if the car's doing 90mph sideways the forward component is 0, but if it is going forwards then it is 90mph, and any angle between yields the relevent value between 0-90, through the magic of maths) and this is entered into a table. The table suggests that for 90mph, the downforce generated should be 200N, and drag 150N, and applies those values at that point. The table figures are multiplied based on the setup's wing angle for configurable surfaces, and the general vehicle downforce uses a set value. I never tested whether LFS inverts those values for reverse motion to create lift (a spoiler travelling backwards generates lift, which is sometimes the cause for cars taking off during high speed spins), but I suspect not, likewise I can't remember if slipstreaming is included in the equation, but this is usually 'when car B is within +/-10 degrees of the back of car A, measure distance between cars and calculate slipstream effect, deduct slipstream effect from drag). Would be interesting to find out from Scawen how close I am with that guess.
To simulate anything more complex would take big processing power, and in really complex CFD simulations it takes a computer minutes, hours, days even to simulate just a snapshot in time, let alone recalculating the whole lot 100s of times a second to account for the bodies being moved real-time.