To make things faster, you can do it offline with 2 controllers and by using this trick. Set the round to 1 and the timer to 30 seconds in the Options.
Select 2 fighters (any). Start the fight. At the loading screen, input this Kombat Kode using both controllers X, Y and B buttons: 044-440 (that's MK coin-?-? ?-?-MK coin). This will enable Sans Power mode. 1 hit and you can Finish Him/Her the other fighter. Either do the fatality/babality/stage fatality or press A, B, X or Y to quickly end the match. Rinse and repeat 199 times. Don't forget to reenter the code each time you restart the match. Each match should last ~5-10 seconds if you quickly skip the intro and use the Kombat Kode so you can get the 200 Versus matches very fast.