Found it. I was misled by the official Rpi documentation.
rpi_config_txt_video_option.png
The solutions below only refer to the display rotation, see notes.
Solution 1: Legacy video driver config.txt: Neither dtoverlay=vc4-fkms-v3d nor dtoverlay=vc4-kms-v3d enabled, but display_hdmi_rotate=2 cmdline.txt: No video=... optionNote: The RetroPie Image for a Rpi3 ships with the legacy driver enabled. The EmulationStation binary is compiled against that driver and works out-of-the-box. This should also not affect any precompiled emulators.
Solution 2: (fake) KMS and Kernel option config.txt: Either dtoverlay=vc4-fkms-v3d or dtoverlay=vc4-kms-v3d cmdline.txt: Add video=HDMI-A-1:1280x1024@60,rotate=180. Note the use of HDMI-A-1 and not HDMI as the documentation (see above) states currently. (I have a PR filed for that.)Note: You will have to source build emulationstation with that config to make it use the video driver. I did not testdrive any emulators with this solution.