Please forgive me if I'm wrong. And I have to admit upfront that I haven't done any research on these 2 terms. Anyway...
Emulation is to mimic something with detailed known results, whatever the internal behaviors actually are. We only try to get things done and don't care much about what goes on inside.
Simulation, on the other hand, is to mimic something with some known behaviors to study something not being known yet.
my 2cents
