Yes, lots of emulators support that and as others have mentioned have for some time. I can remember doing it with Super Mario Kart back in high school at LAN parties.
Apparently it is also possible to do it on the latest crop of Retroid, Ambernic, etc. handhelds where each player can use their own handheld for the split screen game wirelessly. As someone who also remembers corrupting Pokémon saves because the bus hit a bump while plugging in the link cable I am super jealous of kids these days for tech like this.