Connecting watch and phone emulators step-by-step guide:
Step #1
Download Android Wear application from:
https://github.com/OrdonTeam/Files/raw/master/com.google.android.wearable.app-2.apk.
Install Android Wear application using:
adb -s emulator-555X install com.google.android.wearable.app-2.apk
where 555X is Phone Emulator's port (You can find this by looking at the Window-Title of the emulator)
Step #2
Open the Android Wear App on the Phone Emulator. Accept the TOS and so on.
Step 3
Open your command prompt once again and start a telnet session on the port of your smartphone emulator:
telnet localhost 555X
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 application once again and click on the watch-icon in the ActionBar and if everything worked it should connect to your Wear-Emulator.