Your problem could be a bug that was in Emulate 5 that would cause it to crash.
This is the patch file released by Rockwell
Replace the file in the installed dir. with this one.
From Rockwell tech support:
RSLogix Emulate 5 version 5.00.08 patch (build 5) to fix a crash when opening an RSLogix5 7.0 file.
RSLogix Emulate 5 version 5.00.08.00 patch to fix a crash when opening an RSLogix5 7.00.00 file
Problem: When opening an RSP file that was created or saved in RSLogix 5 version 7.00.00 (CPR7), RSLogix Emulate 5 will crash.
Installing the attached patch file (We532.exe file version 220.127.116.11), fixes the described problem.
1.Shutdown RSLogix Emulate5
2.Unzip the attached file and copy it to the RSLogix Emulate5 folder (C:\Program Files\Rockwell Software\RSLogix Emulate 5 by default), overwriting the existing file.
3.Delete the configuration file in C:\WINDOWS\WINEMU5.INI
4.If necessary, restart RSLinx to clear EMU5X.DLL message.
Note: A newer patch is also available from Answer ID 37836 Click Here