Hello,
The 'Test Connection' button is not always available for all emulator vendors. However it is common for emulator vendors to provide their own diagnostics software to check the JTAG scan path. If you have one for your emulator, please run them.
You can also manually run the dbgjtag utility from the command-line. The wiki topic has information on where both utility and board files are:
http://processors.wiki.ti.com/index.php/Debugging_JTAG_Connectivity_Problems#Code_Composer_Studio_v5
Thanks
ki