Jurgen Klopp's side reached the halfway stage of the campaign with a 4-0 Boxing Day defeat of Newcastle United at Anfield, a result that moved the Reds six points clear at the top of the table.
Liverpool have not won the league in almost 30 years but, with champions Manchester City stumbling, their chances of a first title since 1989-90 appear to be growing.
Emery's men will be the latest team to try and stop Liverpool when they head to Anfield on Saturday, the Gunners having won only one of their last four games in all competitions.
And the Arsenal boss feels Liverpool have what it takes to follow in the footsteps of Arsene Wenger's Invincibles - who won the Premier League title in 2003-04 without losing a match - with Emery touting the resurgent Reds as an example for his side to follow.
"At the moment they are doing and they can do it. They are doing it at the moment," Emery told a news conference. "We played three years ago in the Europa League final with Sevilla against Liverpool and we beat them.
"But look at the process and it's a very good example for us. The progression is clear: they were out of the Champions League and they are an example for us at Arsenal now. We need to be demanding of ourselves but we need time and patience is very important."
Introducing… #WhatsBetter Laca’s celo Auba’s celo Wifi Switching off Watching from the startWatching from series two…? Check out what happened when @emirates put the lads up against each other #FlyEmiratesFlyBetter pic.twitter.com/tYB5LQZ5i8— Arsenal FC (@Arsenal) December 27, 2018
Emery's side held Liverpool to a 1-1 draw at home earlier in the campaign but he expects a tough challenge in the return fixture at Anfield.
"First, they are usually feeling very high in their stadium with their supporters. Also the atmosphere is one point more for them," Emery said.
"But we have players who have the habit of playing in big matches, also in Liverpool, and we know it is difficult for us but for me it is a very big test, I have a big motivation and I am looking forward to our response against them.
"Also, after finishing the first half of the season, we are in a good position with the points, 38, not very good but it is good and with the difference to the other teams, they are doing this difference and we need to do our process in the second half of the season to improve and to take a big performance little by little to shorten the difference between them and us."
All eyes on Saturday. pic.twitter.com/knqvsTVv9D— Liverpool FC (@LFC) December 27, 2018
Emery is reportedly facing a Football Association (FA) charge after kicking a bottle during the 1-1 Boxing Day draw at Brighton and Hove Albion.
"I said yesterday my apologies, I kicked the bottle in frustration but not for the supporter, I kicked for me and it went near to the supporter and I said to them my apologies," he said.
"There is not another communication. I repeat today my apologies for my individual action but I kick the bottle because it is near me, but not because it is my intention."
Asked if he expects an FA charge, Emery added: "I hope not but I have to respect the decision because it is a circumstance of my action but not another intention from me with the supporter. I say to them my apology."