Frustration represents an essential feature in the behavior of magnetic materials when constraints on the microscopic Hamiltonian cannot be satisfied simultaneously. This gives rise to exotic phases of matter including spin liquids, spin ices, and stripe phases. Here we demonstrate an approach to understanding the microscopic effects of frustration by computing the phases of a 468-spin Shastry-Sutherland Ising Hamiltonian using a quantum annealer. Our approach uses mean-field boundary conditions to mitigate effects of finite size and defects alongside an iterative quantum annealing protocol to simulate statistical physics. We recover all phases of the Shastry-Sutherland Ising model -- including the well-known fractional magnetization plateau -- and the static structure factor characterizing the critical behavior at these transitions. These results establish quantum annealing as an emerging method in understanding the effects of frustration on the emergence of novel phases of matter and pave the way for future comparisons with real experiments.