What about the EMACS variable in term mode (the one invoked by M-x term RET)? Currently, the variable is set to the emacs version, like
$ echo $EMACS 22.0.90.1 (term:0.96) Jae-hyeon _______________________________________________ emacs-pretest-bug mailing list emacs-pretest-bug@gnu.org http://lists.gnu.org/mailman/listinfo/emacs-pretest-bug