This paper presents a microelectronic emulation approach for high-speed power system computation. First, the problems of existing power system simulators are detailed. This shows that microelectronic emulation is a possible solution for solving the speed problems of existing simulators. Second, this paper presents one specific emulation approach, the so-called AC emulation approach. The ultimate objective of the AC emulation approach is the realization of a power system emulator which reproduces simultaneously a large number of phenomena of different time constants or frequencies with a much higher speed than real time. Frequency dependence of the elements is preserved and the signals propagating in the emulated network are the shrunk or downscaled current and voltage waves of the real power network. The models of the power network components are detailed. Special attention is paid to the generator model which was shown to introduce a systematic error. This systematic error is quantified, analyzed and optimized. Moreover behavioral simulation results confirm the feasibility of this approach which in turn lays the foundation for such an emulator.