Ha, you're absolutely right from a CS perspective! it's a protocol reimplementation, not emulation in the traditional sense. I've thought about this too. "Server emulator" stuck in the UO/MMO (other example Mangos is "Wow emualtor") community because RunUO and similar projects used the term 20 years ago and it just became the standard label. At this point fighting it feels like your Wikipedia edit war, technically correct but practically hopeless. !
That said, I'll take the nitpick as a compliment :) means you actually read the project description. Thanks for the kind words!