The Gunners travel to Anfield on Saturday evening, with Jurgen Klopp’s side six points clear at the top of the table and yet to taste defeat.
Liverpool have won their last eight league games since drawing 2-2 at the Emirates Stadium on November 3.
Arsenal are the only club in the modern era to go through a league season unbeaten as Wenger’s side claimed the title in 2004.
But Emery, who replaced Wenger last summer, feels Liverpool are well-equipped to follow in their footsteps and is using the Reds as a benchmark of progress as he looks to turn Arsenal back into a side capable of competing for major honours.
“At the moment they are doing it and they can do it,” Emery replied when asked if Klopp’s side could go the Premier League campaign unbeaten.
“They can do that because they are doing it at the moment. We played against Liverpool three years ago with Sevilla in the final of the Europa League and I look at this progress and they are a very good example.
“This progress is also one example for us, now, in our moment. But we need to be very, very demanding of ourselves to do this step quickly in our way. But we need also time and sometimes the patience is very important for us.”
Arsenal travel to Liverpool on the back of a Boxing Day draw at Brighton, a game which again underlined their weaknesses in defence.
Emery has now been at the helm for half a season and wants to improve his team at the back, although a spate of injured defenders is not helping his cause.
“We need more, but we need more from everybody and we need more also in our demanding ideas and we need to continue working on things,” he added.
“Mistakes are not only one player or two players or three players, but maybe also in the ideas. But at the moment, in the first half of the season, we are happy with 38 points. We need more. But it’s not bad, these points on the table.
“We need to improve defensively, because we are scoring a lot of goals and before yesterday we were second in the table for scoring. But we need to get better in the defensive moments and concede less goals and less chances for the opposition.
“Also, in the last matches we are having a lot of injuries in the defensive positions.”