Squad emblems are simply the same thing as the symbols below your character on pvp planets. But this is for the future update for conquest and squad pvp. Also you can customize your own emblem and each one costs 1000 Gralats. So every squad member will have that symbol below their character only in squad PVPs and Conquest.
I would rather have squad pics be seperate. The squad emblems under the name should be the size of the emblems when you are doing the pvp events varying on which team your on. You should be able to choose from a wide variety of different colors and mixtures of shapes for emblems as well. The whole squad pic being used as emblems is really messy and just doesn't appeal to me.
The emblems are currently not working. The pics seem to be stuck on past squad pictures and the emblem wont update.... ive reset my tag,reconnected,and changed the picture already.