An emulator is hardware used to connect a PC to a DSP target board, Rapid on-chip debugging allows developers to load code, set breakpoints, and observe variables, memory, registers, etc. And enabling application software to be downloaded and debugged from within the CCES.
An emulator, though it replaces or enhances the processor chip itself, serves as a hardware equivalent of the actual processor and shows how your code affects processor performance characteristics.
A simulator doesn’t need an external hardware, but rather the basic behavior of a device. Simulators offer a unique insight to the internal workings of the processor (pipelines, caches, and more), which is not possible with hardware-based sessions. The downside is that a simulator is several orders of magnitude slower than actual hardware.