An emulator won't report fewer vertices than ~1 per per polygon. The hardware only supports triangle strips, which asymptote to 1 vertex per tri. Unless the emulator scans every vertex the CPU feeds the PVR, finds the matching vertices, then recounts only the unique vertices, I cannot think of a situation where the emulator will report fewer vertices than triangles.I guess it really depends on the model topology and how much of it can be shared between verts. Heres a snippet of the human readable model format kamui2 for dreamcast could export to( its less a model format and seems more like c code imo that sets up everything from lighting, materials and so on). This is a teapot which has 25,600 triangles that I exported to the dreamcast format, as you can see it has half the amount of vertices compared to triangles. I guess this is what the emu author meant.
If you try to capture what an emulator draws, you might get more polygons than emulator-reported vertices because the emulator has to redraw stuff to support certain effects correctly, like transparency sorting and modifier volumes, but that's not relevant to real hardware performance.