The 40-year-old was Carrera Cup Australia runner-up in 2015, and finished third in Race 1 at Townsville last year.
EMA fielded Ben Stack in Pro-Am for the bulk of the 2021 season, with Pro driver Kyle Gurton making a cameo appearance for the team at Townsville.
“I'm very excited to be joining EMA Motorsport for the Porsche Paynter Dixon Carrera Cup Australia Championship, they have shown to be very competitive in their GT racing campaigns and to join the team with a brand new 992 is very special,” said Russell.
“Feeling good after a successful test with the team and I'm looking forward to the first round at the AGP in a few weeks.”
EMA simultaneously announced it will debut in the 24 Hours of Spa on July 28-31 this year.
The Victorian-based team has not announced which drivers will be behind the wheel of its 911 GT3R at the legendary Belgian circuit.