I've been practicing runs on emulator, and I was wondering if emulators are allowed for submitting runs? If so, which emulators are allowed and what are some general rules I should keep in mind? I do plan on practicing on actual console because I also own the game physically, but in the mean time.

Emulators are used for many SNES speedruns and we actually have good ones to choose from like Higan for example. This game tends to run very cleanly though with minimal to no lag save for a few rooms but that's minor for a game that spans well over an hour and a half.

I will mention that it does tend to have issues running on SD2SNES but since you plan on using an emulator for practice instead, that is a non-issue.