According to the received view, reduction is a deductive relation between two formal theories. In this paper, I develop an alternative approach, according to which reduction is a representational relation between models, rather than a deductive relation between theories; more specifically, I maintain that this representational relation is the one of emulation. To support this thesis, I focus attention on mathematical dynamical systems and I argue that, as far as these systems are concerned, the emulation relation is sufficient for reduction. I then extend this representational view of reduction to the case of empirically interpreted dynamical systems, as well as to a treatment of partial, approximate, and asymptotic reduction.