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We have two tags emulator and emulation, each with around 130 questions. The questions seem to me to be covering the same range of topics.
Should one be a synonym of the other (I prefer emulation which sounds like a topic)? Or should something else be done?
As emulation has at least a sensible excerpt while emulator has none I agree with your proposal to keep emulation and make emulator a synonym.
Beside what you have proposed is completely logical, if we look up other sites on the network we can see others are taking the same approach.
Stack Overflow: emulation main tag. emulator synonym.