PPSSPP is a PSP emulator written in C++, and translates PSP CPU instructions directly into optimized x86, x64 and (soon) ARM machine code, using an efficient JIT compiler. PPSSPP can thus run on quite low-spec hardware, including stronger Android phones and tablets, as long as there's support for OpenGL ES 2.0.
Read more about PPSSPP v0.9.8 (PSP emu for Android)