Here is an article that explains some of the details.
https://www.bbc.co.uk/newsround/30641853
It’s not really like an Emmy as that is for a particular discipline. This is an honor from the country to its citizen.
Anyone can nominate someone
https://www.gov.uk/honours/types-of-honours-and-awards
I suppose it is equivalent of the various awards and decorations that are bestowed in the US. Although I don’t know of the details. Or are they more like winning Dancing with Stars?