Probably, but please note that it's one thing to emulate the core instruction set, and quite another to handle the peripherals.
If you're just emulating an algorithm that operates on data, you can probably get away with just emulating the CPU core.
If you need to emulate an analog-to-digital converter or UART or PWM driver, that's a whole different ball game. The CPU core instruction set is (usually) well-specified to the point where you could imitate its behavior pretty well. The peripherals are only specified to show their functional requirements, and not to guarantee their behavior precisely enough to make an emulator without having to know how they implemented the peripheral in question.
