(Requires Rooted Phone/Tablet)
Start the Android Wear Emulator, this usually takes a while for me, so it's best to start it while you prepare everything.
Download an ADB WiFi app OR check Devleoper Options for an ADB over Network option and enable it.
Go to where the SDK's ADB is /path/to/sdk/folder then go to platform-tools, hold Shift and right click and select "Open command window here"
adb.exe connect phone.ip.address.here:5555
Once the emulator is loaded, run
adb.exe -s phone.ip.address.here:5555 forward tcp:5601 tcp:5601
Install the Android Wear app from Google Play, launch it and press the menu key and select Pair With Emulator
If all went well, it should say "Connected", if not close the app and try again.
Hope this helps.