In evaluating the performance of highly complex networked systems, emulation is often used as it maintains much of the realism of testbeds, while offering increased flexibility and scalability. In large emulation systems, multiple and heterogeneous virtual machines can be deployed in relatively few general purpose physical hosts. Time dilation is a technique that allows virtual time to pass at a different (and potentially variable) rate with respect to real time, allowing for increased scalability of the emulated system. In this paper we present networking links in a large emulated system employing adaptive time dilation. The link emulation focuses on accurate delay and throughput emulation while allowing varying time dilation factors. To evaluate our system, we measure the delay and throughput of the virtual links under variable system loads.