This is due to a missing link between the matplotlib.textpath module. You can solve this by editing the file [path to python libs]/matplotlib/backends/backend_emf.py. In the header of this file add the line
from matplotlib import textpath
In the class definition of the class RendererEMF add the line
self._text2path = textpath.TextToPath()
in the init method. This fixed latex rendering in emf at least for me.