When Wine runs an application or game, that program is executing directly on the computer's CPU, so it is not an emulator.
Think of it like when you have a Qt/KDE or Gtk/Gnome application and run that on the other platform, or on Windows or Mac. You have the APIs the application is calling (Qt or Gtk) which are the same regardless of the platform they are running on; for Wine these are the Windows APIs. The libraries then map the library APIs to the platform APIs, like how Wine is mapping the Windows APIs to Linux/Mac/etc.