The emulator is a Race Tech invention that really works wonders for forks that pre-date the more modern cartridge systems. On your old stock forks, damping is controlled by oil being forced through small holes in a tube. With the emulator, you dis-assemble your fork, and make the holes in the tube MUCH larger, so the oil is barely restricted. The 'emulator' sits on top of the tube the oil flows through. It is a machined peice of aluminum with large orifices in it, and a spring loaded plate on top. The damping is controlled by the oil moving the spring loaded plate. The spring is adjustable, but you have to pull the fork springs out to adjust. With the emulator, your stock compression adjuster on the bottom of your fork is disabled.
Combined with stiffer springs, the end result is a fork that is more plush on sharp hits such as rocks and roots, but able to handle big hits much better than stock.
Increasing your fork oil level will also improve bottoming resistance. The stock fork springs are WAY too soft for a big guy on an MX track!