Can runs on emulator be submitted?

Any restrictions to particular emulators or settings therein?

Yes emulators are allowed. I personally recommend Bizhawk but you do you. You'll need a NA BIOS because the game didn't come out in any other region. Also a thing to note; Emulator, PS1, PS2 (without fast disc) and PS3 are all slower than PS2 (with fast disc) by about 2m25 seconds.