We describe an efficient numerical method for simulating the dynamics and steady states of collective spin systems in the presence of dephasing and decay. The method is based on the Schwinger boson representation of spin operators and uses an extension of the truncated Wigner approximation to map the exact open system dynamics onto stochastic differential equations for the corresponding phase space distribution. This approach is most effective in the limit of very large spin quantum numbers, where exact numerical simulations and other approximation methods are no longer applicable. We benchmark this numerical technique for known superradiant decay and spin-squeezing processes and illustrate its application for the simulation of non-equilibrium phase transitions in dissipative spin lattice models. 