Yea well I always keep vsync off in nvidia settings as I'm on a highend CRT so tearing doesn't become an issue for me even at very high FPS rates and I tried your suggestion on putting it to application-controlled which would have been the first app ever to require it to be on that setting but unfortunately it didn't change anything at all...
Perhaps it's a bug that depends on the hardware setup or emulator settings used. I'm using ForceWare 162.01 tho, it's been a while since I saw the old cpanel you have there but most often I use RivaTuner these days instead.