Smoke happens when you pan fry a steak. As others have already noted - you need a good exhaust vent over the stove that vents to the outside or you need to open some windows, turn the fan on your AC to the on position, and have something like a box fan sitting in the window nearest the kitchen blowing out (so it draws the smoke out).
There is a possibility that you pan was a little hotter than it needed to be (what type of pan, what type of stove, what temp setting, how thick were the steaks, how long did you cook them, etc.) although it appeared to be at the perfect temp when you started out. Although Emeril is the one that harps on "using your knob" - if you watch Rachel - she does it, too.
Yes, steaks will add more fat to the pan, along with meat juices, during cooking - and the better the grade of beef - the more fat. These all contribute to the smoke.
Next time (I know, Rachel didn't do it this way on the show) ... preheat your oven to 350-400 F. Heat your pan, sear the steaks on each side for about 2 minutes - them pop the skillet into the oven to finish. You will have developed the flavors from searing the meat - and you will not smoke up the house/apt as much.
To deodorize - maybe try that Fabreeze stuff, burn some incense or scented candles?
"It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so." - Mark Twain