I didn't know what "emulsions" were either! Maybe this will help!
I believe that extracts and flavorings are about the same. They are what you find at the grocery store in multiple types. Wilton's brand calls them flavorings i.e. clear vanilla flavoring. But, that is the same as vanilla extract...they may have slight variance in taste!? I think you need to go through the extracts and pick what you love! I am getting a wider variety in my cabinet! My favorite right now is raspberry! Gos very well with chocolate!
Hope that helps!