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This paper establishes what makes an ontology different in Modeling and Simulation (M&S) from other disciplines, vis-a-vis, the necessity to capture a conceptual model of a system in an explicit, unambiguous, and machine readable form. Unlike other disciplines where ontologies are used, such as Information Systems and Medicine, ontologies in M&S do not depart from a set of requirements but from a research question which is contingent on a modeler. Thus, the semiotic triangle is used to present that different implemented ontologies are representations of different conceptual models whose commonality depends on which research question is being asked. Ontologies can be applied to better capture the modeler's perspective. The elicitation of ontological, epistemological, and teleological considerations is suggested. These considerations may lead to better differentiation between conceptualizations, which for a computer are of importance for use, reuse and composability of models and interoperability of simulations.