During development of control systems for power electronic systems, it is desirable to test the controller in real-time, by interfacing it with an emulator device. In this context, this work comprises the development of an emulator that can model accurately the dynamics of high speed power electronic systems and provides interfaces that are compatible with the real hardware. The realtime state calculations, based on discrete models, were performed on custom logic, implemented on an FPGA. The realized system allows to emulate Linear Parameter Varying (LPV) systems, achieving sampling rates up to 12MHz using a low cost Xilinx FPGA. As a result, power electronic systems with very high switching frequencies can be modeled. In addition, the FPGA incorporates a soft-core processor that allows a designer to easily re-configure the system model through software. The emulator system has been validated for a multiphase DC-DC converter, by comparing its results with the real hardware setup.