question about the thoery of hardware emulator with keil monitor-51

I meet a question:
I want to make a hardware emulator do to some experiment with mcs-51 microcomputer!But i am not very clear understand the thoery of the emulator!
I use a device with 64k FALSH ROM on-chip.it can well connect with the keil debugger!but i don't know where my application code stores!
thank you for your help first!

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