Torres scored the third goal after 77 minutes with the veteran forward now on his farewell tour with the club.
Correa opened the scoring for the hosts in the 33rd minute.
"Fernando is an icon here, whether he's scoring goals or not", he told reporters.
Levante is the last team above the relegation zone, with five points separating it from the drop.
Angel Correa and Antoine Griezmann put Atletico ahead before substitute Fernando Torres scored in his first match since announcing that he would leave his boyhood club at the end of the season.
Correa surprised the cluster of shuffling defenders by cutting back onto his right foot before using the space to guide the ball into the corner. A baying home crowd waited for the official to point to the spot, only for an exasperated Griezmann to instead be punished for simulation.
The 34-year-old Torres announced on Monday that his second stint with Atletico was nearing its end.
And the former Spain global brought up three figures in the 3-0 beating of Levante on Sunday, volleying in a superb finish from Angel Correa's cross to complete the scoring.
His milestone moment capped another comfortable home outing for Simeone's men, who remain on course to finish the campaign behind Barca in the table.
"For financial reasons, the club had to get rid of players and wages, and they go to Levante with only 13 players from the first-team at a crucial part of the season where you have to be sharp with players in front of goal, they may struggle with it".
Fernando Torres is set to spend the twilight years of his career in the United States once he leaves Atletico Madrid in the summer.