This paper presents the design and implementation of a photovoltaic emulator, based on an accurate mathematical model of a photovoltaic panel, instead of the look-up table method. The latter requires more memory for increasing accuracy and considering all the desired environmental situations. Furthermore, the proposed approach takes into account the incidence solar angle, as an input parameter, to offer the possibility of evaluating daily losses for different values of tilt angle. The validation of the proposed emulator is carried out by comparing in real-time, both the studied panel output and the emulator output, under variable load, temperature, and irradiation levels. The emulator is able to operate online with connected solar radiation and temperature sensors or offline with recorded measurement vectors. The practical tests were performed on a prototype designed using a MATLAB C MEX S-function, dSPACE board 1104, and a controlled DC/DC converter. The results showed that the emulator was able to behave accurately as the studied photovoltaic panel.