How do I create player knock back?

When my player gets hit with a bullet, I want him to jump back in the way the bullet was flying. Could this be done with a simulate control? Such as a event for the bullet "on collision with player" then the action "player platformer simulate control jump" and then "set direction to bullet.angle"?

You could, but I'd take a look at using vectors for that instead. That way it'll work in the air, too.