This sounds like a client issue..I don't have experience connecting to eqemulator.net, but try this:
Check you computer's firewall settings. If it allows you to, place everquest.exe in the exclusion list. If not, open ports 5998 and 9000 to TCP and UDP traffic.
Sometimes a firewall will try to 'anticipate' a program's requirements upon install and open up the ports that it's default install calls for. If you change those ports manually, they will be blocked unless you let the firewall know the program is using those new settings.
If anyone knows of a better solution, the floor is yours!