Age-related Macular Degeneration (AMD) is a progressive visual impairment affecting millions of individuals. Since there is no current treatment for the disease, the only means of improving the lives of individuals suffering from the disease is via assistive technologies. In this paper we propose a novel and effective methodology to accurately generate a parametric model for the perceptual deficit caused by the physiological deterioration of a patient's retina due to AMD. Based on the parameters of the model, a mechanism is developed to simulate the patient's perception as a result of the disease. This simulation can effectively deliver the perceptual impact and its progression to the patient's eye doctor. In addition, we propose a mixed-reality apparatus and interface to allow the patient recover functional vision and to compensate for the perceptual loss caused by the physiological damage. The results obtained by the proposed approach show the superiority of our framework over the state-of-the-art low-vision systems.