[jpozo]

I think simulation is, as the name implies, to simulate the behavior of something. For example, games like Gran Turismo and Assetto Corza are simulators because they implement the logic so the cars behave as close as real life as they can.

On the other hand, emulation is about implementing the behavior of a hardware or device via software. For example a console emulator implements the logic so the API calls made by the game are interpreted by the emulator and tries to execute as if the game was communicating with the real hardware (CPU, Memory, etc).