Just to put down some notes here in case anyone needs this. I managed to get this working using simplesamlphp.
Get simpelsamlphp setup and running. Make sure simplesamlphp test page is working with your ComponentSpace idp server.
Go to suitecrm > modules > Users > authentication > SAML2Authentication > SAML2Authenticate.php. In the pre_login() function, comment the codes in there (except parent::pre_login) modify it according to simpleSamlPhp authentication call.
Please note that this is a quick and dirty tips and it should be put in a new authenticate module for future version upgrade proof.
Log into suitecrm using the no_saml=y in the url (https://{website}/suitecrm/index.php?action=Login&module=Users&no_saml=Y)
go to admin page > password management and enabled SAML.
Currently still testing the stability of the site with above modification.