1. A method for emulating a logic circuit having at least one set of identical logic modules, the method comprising the steps of: (a) extracting a logic module from a set of identical logic modules within the logic circuit, each identical logic module in the identified set having at least one logic element and at least one memory element that stores a module state of that identical logic module; (b) translating the extracted logic module for iterative representation of the module state of each of the identical logic modules with a single instance of the at least one logic element; and (c) configuring a logic device with the translated logic module to emulate the logic circuit.