No. The LabQuest Emulator is only compatible with the original LabQuest.

If you are using LabQuest 2 or LabQuest 3, you can use LabQuest Viewer^® (LQ-VIEW) or the LabQuest Viewer app for iPad to view and control a LabQuest 2 or LabQuest 3 a from computer or iPad. Use the LabQuest Viewer in conjunction with a projector to share the LabQuest screen with the entire class.

For additional information, see
What is the difference between LabQuest Emulator and LabQuest Viewer?