Possibly the term encompasses many protocols, but at least one effect is detailed here:
[Spacecraft Emergency] is a protocol that the Ground
Controller (GC), who is responsible
for the MCC infrastructure as well as
interface to the NASA Space Network,
invokes with the Space Network to
make sure the ISS gets all available
satellite communications assets
and bumps other users from using
those assets.
If the ISS Program suddenly
needs TDRS coverage—such as for
an emergency spacewalk—the NASA
flight director can declare the TDRS
time as critical, thereby forcing
other users off the network. Due to
the impacts to other uses, which can
include loss of science, this is not
done unless absolutely required.
The ISS is not unique in the ability to call a TDRS emergency; see for instance the THEMIS satellite.