We study vertex sparsification for distances, in the setting of planar graphs with distortion: Given a planar graph $G$ (with edge weights) and a subset of $k$ terminal vertices, the goal is to construct an $\varepsilon$-emulator, which is a small planar graph $G'$ that contains the terminals and preserves the distances between the terminals up to factor $1+\varepsilon$. We construct the first $\varepsilon$-emulators for planar graphs of near-linear size $\tilde O(k/\varepsilon^{O(1)})$. In terms of $k$, this is a dramatic improvement over the previous quadratic upper bound of Cheung, Goranci and Henzinger, and breaks below known quadratic lower bounds for exact emulators (the case when $\varepsilon=0$). Moreover, our emulators can be computed in (near-)linear time, which lead to fast $(1+\varepsilon)$-approximation algorithms for basic optimization problems on planar graphs, including multiple-source shortest paths, minimum $(s,t)$-cut, graph diameter, and dynamic distace oracle.