Are pc emulators allowed for this game ? And if yes, with which settings ?

I've never been able to properly setup a PC emulator for this, always ended up with poor performance or compatibility issues. So i can't really say if PC Emus are allowed (if you mean stuff like VMWare, PCem and such).

Sorry, actually i meant emulators on pc, not pc emulators. Because i'm actually using epsxe 2.0.5.