NOUN (3)

1. ambition to equal or excel;

2. (computer science) technique of one machine obtaining the same results as another;

3. effort to equal or surpass another;

The Collaborative International Dictionary of English v.0.48:

Emulation \Em`u*la"tion\, n. [L. aemulatio: cf. F.
   ['e]mulation.]
   1. The endeavor to equal or to excel another in qualities or
      actions; an assiduous striving to equal or excel another;
      rivalry.
      [1913 Webster]

            A noble emulation heats your breast.  --Dryden.
      [1913 Webster]

   2. Jealous rivalry; envy; envious contention.
      [1913 Webster]

            Such factious emulations shall arise. --Shak.

   3. imitation (of an admired model) for the purpose of
      improving one's own qualities.
      [PJC]

            [Chivalry was] an ideal which, if never met with in
            real life, was acknowledged by all as the highest
            model for emulation.                  --Thomas
                                                  Bulfinch
                                                  (Mythology)
      [PJC]

   4. (Computers) the imitation of the actions of a computer
      system or component, especially a processor, by means of a
      computer program, with the goal of predicting the behavior
      and performance characteristics of that system without
      actually manufacturing it.
      [PJC]

            1996 marked the year that emulation became a
            mainstream design verification tool.  --Computer
                                                  Design
                                                  (editorial,
                                                  1998)

   Syn: Competition; rivalry; contest; contention; strife. --
        Emulation, Competition, Rivalry. Competition is
        the struggle of two or more persons for the same object.
        Emulation is an ardent desire for superiority, arising
        from competition, but now implying, of necessity, any
        improper feeling. Rivalry is a personal contest, and,
        almost of course, has a selfish object and gives rise to
        envy. "Competition and emulation have honor for their
        basis; rivalry is but a desire for selfish
        gratification. Competition and emulation animate to
        effort; rivalry usually produces hatred. Competition and
        emulation seek to merit success; rivalry is contented
        with obtaining it." --Crabb.
        [1913 Webster]

WordNet (r) 3.0 (2006):

emulation
    n 1: ambition to equal or excel
    2: (computer science) technique of one machine obtaining the
       same results as another
    3: effort to equal or surpass another

The Free On-line Dictionary of Computing (30 December 2018):

emulation

    When one system performs in exactly the same
   way as another, though perhaps not at the same speed.  A
   typical example would be emulation of one computer by (a
   program running on) another.  You might use an emulation as a
   replacement for a system whereas you would use a simulation if
   you just wanted to analyse it and make predictions about it.

   (2003-05-22)