They are close, particularly in simple practical terms. But psychological is more to do with the mind, its health, whereas emotional is to do with feelings. Emotional impact might be to make you upset, or scared, or unhappy, but psychological impact would be to cause or increase someone's tendency to mental afflictions, such as depression, or paranoia, or phobias. So psychological harm is usually more serious, and a deeper problem.

Psychology is more medical (mental illness, health, studying human behavior) and emotional is a psychological experience.