I am glad you are finding SimPhy easy to use.
The ST parameter indicates the height of the tree in time units (e.g., 100 M years) used to simulate the species tree. This parameter, in combination with the other parameters of the species tree simulation process (e.g., birth or birth and death rate), will generate a certain distribution of branch lengths.
The amount of ILS in the simulated scenario will depend on the locus tree branch lengths measured in coalescent units. This is a function of the number of generations (time/generation time) and the population size (coalescent unit = 2 * population size * generations; for diploid organisms, half for haploid)
I hope this helps,
DM