$scope.$emit: This method dispatches the event in the upwards direction (from child to parent)
$scope.$broadcast: Method dispatches the event in the downwards direction (from parent to child) to all the child controllers.
$scope.$on: Method registers to listen to some event. All the controllers which are listening to that event get notification of the broadcast or emit based on the where those fit in the child-parent hierarchy.
The $emit event can be cancelled by any one of the $scope who is listening to the event.
The $on provides the "stopPropagation" method. By calling this method the event can be stopped from propagating further.
Plunker :https://embed.plnkr.co/0Pdrrtj3GEnMp2UpILp4/
In case of sibling scopes (the scopes which are not in the direct parent-child hierarchy) then $emit and $broadcast will not communicate to the sibling scopes.
For more details please refer to http://yogeshtutorials.blogspot.in/2015/12/event-based-communication-between-angularjs-controllers.html