Emilia was talking about Iago.
The bit just before:
Emilia:I will be hang'd, if some eternal villain,
Some busy and insinuating rogue,
Some cogging, cozening slave, to get some office,
Have not devised this slander; I'll be hang'd else.
Iago: Fie, there is no such man; it is impossible.
Desdemona: If any such there be, heaven pardon him!
Emilia: A halter ...
Seems to indicated that she is speaking of the person who has caused Othello to doubt his wife.
It adds delicious irony that she is unknowingly speaking of her own husband and in his presence.
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