The beam-beam interaction is one of the dominant sources of emittance growth and luminosity lifetime deterioration. A current carrying wire has been proposed to compensate long-range beam-beam effects in the LHC and the principle is now being experimentally investigated at RHIC. In this paper, we use simulations to study the effect of wire compensator on diffusive apertures, beam loss rates, and beam transfer function using a parallel weakstrong beam simulation code (BBSIM). In addition we extensively study diffusion of RHIC beams for different beam parameters. Emittance growth and lifetimes are investigated through the solution of the diffusion equation for the transverse action variables.