We carry out Monte Carlo simulations of physical Lennard-Jones and water clusters and show that the number of physical clusters in vapor is directly related to the virial equation of state. This relation holds at temperatures clearly below the critical temperatures, in other words, as long as the cluster-cluster interactions can be neglected--a typical assumption used in theories of nucleation. Above a certain threshold cluster size depending on temperature and interaction potential, the change in cluster work of formation can be calculated analytically with the recently proposed scaling law. The breakdown of the scaling law below the threshold sizes is accurately modeled with the low order virial coefficients. Our results indicate that high order virial coefficients can be analytically calculated from the lower order coefficients when the scaling law for cluster work of formation is valid. The scaling law also allows the calculation of the surface tension and equilibrium vapor density with computationally efficient simulations of physical clusters. Our calculated values are in good agreement with those obtained with other methods. We also present our results for the curvature dependent surface tension of water clusters.