Not sure if this will help but RSlogix 5 and RSlogix 500 emulation are very close to one another.
Rockwell says that you can't get this working on Windows 7 but it does work bt see their response below:
RSLogix Emulate 5 software is supported up through Windows XP and Windows Server 2003.
There are no plans to add support for Vista / Windows7 / Windows8. Therefore RSLinx will not show the PLC-5 (DH+) Emulator driver when installed on these Operating Systems.
While it is expected to work in a virtual environment (VMWare or XP Mode) it has not been formally tested on such and there is no official support for anything more recent than a native XP SP3 installation.