This paper details the design and application of a new ultra-high speed real-time emulation for Hardware-in-the-Loop (HiL) testing and design of high-power power electronics systems. Our real-time hardware emulation for HiL system is based on a custom, heterogeneous, reconfigurable, multicore processor design that emulates power electronics, and includes a circuit compiler that translates graphic system models into processor executable machine code. We present the digital processor architecture, and describe the process of power electronic circuit compilation. This approach yields real-time execution on the order of 1μs simulation time step (including input/output latency) for a broad class of power electronics converters. We present HiL experimental results for three representative systems: a variable speed induction motor drive, a utility grid connected photovoltaic converter system, and a hybrid electric vehicle motor drive.