VERB (3)

1. strive to equal or match, especially by imitating;
- Example: "He is emulating the skating skills of his older sister"

2. imitate the function of (another system), as by modifying the hardware or the software;

3. compete with successfully; approach or reach equality with;
- Example: "This artist's drawings cannot emulate his water colors"

The Collaborative International Dictionary of English v.0.48:

Emulate \Em"u*late\, a. [L. aemulatus, p. p. of aemulari, fr.
   aemulus emulous; prob. akin to E. imitate.]
   Striving to excel; ambitious; emulous. [Obs.] "A most emulate
   pride." --Shak.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Emulate \Em"u*late\, v. t. [imp. & p. p. Emulated; p. pr. &
   vb. n. Emulating.]
   To strive to equal or to excel in qualities or actions; to
   imitate, with a view to equal or to outdo, to vie with; to
   rival; as, to emulate the good and the great.
   [1913 Webster]

         Thine eye would emulate the diamond.     --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

emulate
    v 1: strive to equal or match, especially by imitating; "He is
         emulating the skating skills of his older sister"
    2: imitate the function of (another system), as by modifying the
       hardware or the software
    3: compete with successfully; approach or reach equality with;
       "This artist's drawings cannot emulate his water colors"