Connecting watch and phone emulators step-by-step guide:
Step #1
Start the Phone Emulator and install the Android Wear Companion app via the following command
adb install com.google.android.wearable.app-2.apk
You can download the apk from here.
Step #2
Start the Wear-Emulator.
Step #3
Open the Android Wear App on the Phone Emulator. Accept the TOS and so on.
Step #4
Open your command prompt and make sure both emulators are recognized with the following command
adb devices
Output should be something like this:
List of devices attached
emulator-5554 device
emulator-5556 device
Find the phone emulator. You can find this by looking at the Window-Title of the emulator.
Step 6
Open your command prompt once again and start a telnet session on the port of your smartphone emulator:
telnet localhost 5556
Afterwards it'll try to connect and if it succeeds it'll show a new window saying something like this:
Android Console: type 'help' for a list of commands OK
Now enter the following command:
redir add tcp:5601:5601
Afterwards it should say OK.
Step 7
Open the Android-Wear companion app once again and click on the watch-icon in the ActionBar and if everything worked it should connect to your Wear-Emulator.