No, not at all like that. One slight difference is that what you said is complete nonsense.
I'm using an accepted definition of emulation:
> emulate (transitive verb)
> To imitate the function of (another system), as by modifications to hardware or software that allow the imitating system to accept the same data, execute the same programs, and achieve the same results as the imitated system.
This usage is pretty common, for example FreeBSD has a linux emulation layer that takes Linux syscalls and translates them into FreeBSD syscalls. WINE saying it stands for "Wine Is Not an Emulator" is irrelevant to the fact that it is blatantly is one.
I'm using an accepted definition of emulation:
> emulate (transitive verb)
> To imitate the function of (another system), as by modifications to hardware or software that allow the imitating system to accept the same data, execute the same programs, and achieve the same results as the imitated system.
This usage is pretty common, for example FreeBSD has a linux emulation layer that takes Linux syscalls and translates them into FreeBSD syscalls. WINE saying it stands for "Wine Is Not an Emulator" is irrelevant to the fact that it is blatantly is one.