Simulator or Emulator? What is the difference?

Question

While I understand what simulation and emulation mean in general, I almost always get confused about them. Assume that I create a piece of software that mimics existing hard

Answer 1

A simulation is a system that behaves similar to something else, but is implemented in an entirely different way. It provides the basic behavior of a system but may not necessarily abide by all of the rules of the system being simulated. It is there to give you an idea about how something works.

An emulation is a system that behaves exactly like something else, and abides by all of the rules of the system being emulated. It is effectively a complete replication of another system, right down to being binary compatible with the emulated system's inputs and outputs, but operating in a different environment to the environment of the original emulated system. The rules are fixed, and cannot be changed or the system fails.