diff --git a/Utilities/StrFmt.cpp b/Utilities/StrFmt.cpp
index 4221f08562..7e174d03d6 100644
--- a/Utilities/StrFmt.cpp
+++ b/Utilities/StrFmt.cpp
@@ -396,25 +396,28 @@ void fmt::raw_append(std::string& out, const char* fmt, const fmt_type_info* sup
 	cfmt_append(out, fmt, cfmt_src{sup, args});
 }
 
-std::string fmt::replace_first(const std::string& src, const std::string& from, const std::string& to)
+std::string fmt::replace_all(std::string_view src, std::string_view from, std::string_view to, usz count)
 {
-	auto pos = src.find(from);
+	std::string target;
+	target.reserve(src.size() + to.size());
 
-	if (pos == umax)
+	for (usz i = 0, replaced = 0; i < src.size();)
 	{
-		return src;
-	}
+		const usz pos = src.find(from, i);
 
-	return (pos ? src.substr(0, pos) + to : to) + std::string(src.c_str() + pos + from.length());
-}
+		if (pos == umax || replaced++ >= count)
+		{
+			// No match or too many encountered, append the rest of the string as is
+			target.append(src.substr(i));
+			break;
+		}
 
-std::string fmt::replace_all(const std::string& src, const std::string& from, const std::string& to)
-{
-	std::string target = src;
-	for (auto pos = target.find(from); pos != umax; pos = target.find(from, pos + 1))
-	{
-		target = (pos ? target.substr(0, pos) + to : to) + std::string(target.c_str() + pos + from.length());
-		pos += to.length();
+		// Append source until the matched string position
+		target.append(src.substr(i, pos - i));
+
+		// Replace string
+		target.append(to);
+		i = pos + from.size();
 	}
 
 	return target;
diff --git a/Utilities/StrUtil.h b/Utilities/StrUtil.h
index e8f4185902..9e622d6ae3 100644
--- a/Utilities/StrUtil.h
+++ b/Utilities/StrUtil.h
@@ -24,8 +24,7 @@ inline void strcpy_trunc(D& dst, const T& src)
 
 namespace fmt
 {
-	std::string replace_first(const std::string& src, const std::string& from, const std::string& to);
-	std::string replace_all(const std::string& src, const std::string& from, const std::string& to);
+	std::string replace_all(std::string_view src, std::string_view from, std::string_view to, usz count = -1);
 
 	template <usz list_size>
 	std::string replace_all(std::string src, const std::pair<std::string, std::string> (&list)[list_size])
diff --git a/rpcs3/Emu/System.cpp b/rpcs3/Emu/System.cpp
index 2dd5ab992f..e16af25925 100644
--- a/rpcs3/Emu/System.cpp
+++ b/rpcs3/Emu/System.cpp
@@ -193,8 +193,8 @@ void Emulator::Init(bool add_only)
 	// Create directories (can be disabled if necessary)
 	const std::string emu_dir = GetEmuDir();
 	const std::string dev_hdd0 = GetHddDir();
-	const std::string dev_hdd1 = fmt::replace_all(g_cfg.vfs.dev_hdd1, "$(EmulatorDir)", emu_dir);
-	const std::string dev_usb = fmt::replace_all(g_cfg.vfs.dev_usb000, "$(EmulatorDir)", emu_dir);
+	const std::string dev_hdd1 = g_cfg.vfs.get(g_cfg.vfs.dev_hdd1, emu_dir);
+	const std::string dev_usb = g_cfg.vfs.get(g_cfg.vfs.dev_usb000, emu_dir);
 	const std::string dev_flsh = g_cfg.vfs.get_dev_flash();
 
 	auto make_path_verbose = [](const std::string& path)
@@ -846,12 +846,12 @@ std::string Emulator::GetEmuDir()
 
 std::string Emulator::GetHddDir()
 {
-	return fmt::replace_all(g_cfg.vfs.dev_hdd0, "$(EmulatorDir)", GetEmuDir());
+	return g_cfg.vfs.get(g_cfg.vfs.dev_hdd0, GetEmuDir());
 }
 
 std::string Emulator::GetHdd1Dir()
 {
-	return fmt::replace_all(g_cfg.vfs.dev_hdd1, "$(EmulatorDir)", GetEmuDir());
+	return g_cfg.vfs.get(g_cfg.vfs.dev_hdd1, GetEmuDir());
 }
 
 std::string Emulator::GetCacheDir()
@@ -1158,15 +1158,14 @@ game_boot_result Emulator::Load(const std::string& title_id, bool add_only, bool
 
 		// Mount all devices
 		const std::string emu_dir = GetEmuDir();
-		const std::string home_dir = g_cfg.vfs.app_home;
 		std::string bdvd_dir = g_cfg.vfs.dev_bdvd;
 
 		// Mount default relative path to non-existent directory
-		vfs::mount("/dev_hdd0", fmt::replace_all(g_cfg.vfs.dev_hdd0, "$(EmulatorDir)", emu_dir));
+		vfs::mount("/dev_hdd0", g_cfg.vfs.get(g_cfg.vfs.dev_hdd0, emu_dir));
 		vfs::mount("/dev_flash", g_cfg.vfs.get_dev_flash());
-		vfs::mount("/dev_usb", fmt::replace_all(g_cfg.vfs.dev_usb000, "$(EmulatorDir)", emu_dir));
-		vfs::mount("/dev_usb000", fmt::replace_all(g_cfg.vfs.dev_usb000, "$(EmulatorDir)", emu_dir));
-		vfs::mount("/app_home", home_dir.empty() ? elf_dir + '/' : fmt::replace_all(home_dir, "$(EmulatorDir)", emu_dir));
+		vfs::mount("/dev_usb", g_cfg.vfs.get(g_cfg.vfs.dev_usb000, emu_dir));
+		vfs::mount("/dev_usb000", g_cfg.vfs.get(g_cfg.vfs.dev_usb000, emu_dir));
+		vfs::mount("/app_home", g_cfg.vfs.app_home.to_string().empty() ? elf_dir + '/' : g_cfg.vfs.get(g_cfg.vfs.app_home, emu_dir));
 
 		if (!hdd1.empty())
 		{
diff --git a/rpcs3/Emu/system_config.cpp b/rpcs3/Emu/system_config.cpp
index 2555088c04..bf79ffbf60 100644
--- a/rpcs3/Emu/system_config.cpp
+++ b/rpcs3/Emu/system_config.cpp
@@ -1,6 +1,7 @@
 #include "stdafx.h"
 #include "system_config.h"
 #include "Utilities/StrUtil.h"
+#include "Utilities/StrFmt.h"
 
 #include "util/sysinfo.hpp"
 
@@ -11,16 +12,43 @@ bool cfg_root::node_core::has_rtm() const
 	return utils::has_rtm();
 }
 
-std::string cfg_root::node_vfs::get(const cfg::string& _cfg, const char* _def) const
+std::string cfg_root::node_vfs::get(const cfg::string& _cfg, std::string_view emu_dir) const
 {
-	auto [spath, sshared] = _cfg.get();
+	std::string _emu_dir; // Storage only
 
-	if (spath.empty())
+	if (emu_dir.empty())
 	{
-		return fs::get_config_dir() + _def;
+		// Optimization if provided arg
+		_emu_dir = emulator_dir;
+
+		if (_emu_dir.empty())
+		{
+			_emu_dir = fs::get_config_dir() + '/';
+		}
+		// Check if path does not end with a delimiter
+		else if (_emu_dir.back() != fs::delim[0] && _emu_dir.back() != fs::delim[1])
+		{
+			_emu_dir += '/';
+		}
+
+		emu_dir = _emu_dir;
 	}
 
-	auto [semudir, sshared2] = emulator_dir.get();
+	std::string path = _cfg.to_string();
 
-	return fmt::replace_all(spath, "$(EmulatorDir)", semudir.empty() ? fs::get_config_dir() : semudir);
+	if (path.empty())
+	{
+		// Fallback
+		path = _cfg.def;
+	}
+
+	path = fmt::replace_all(path, "$(EmulatorDir)", emu_dir);
+
+	// Check if path does not end with a delimiter
+	if (path.back() != fs::delim[0] && path.back() != fs::delim[1])
+	{
+		path += '/';
+	}
+
+	return path;
 }
diff --git a/rpcs3/Emu/system_config.h b/rpcs3/Emu/system_config.h
index ade3a50cb7..cbeb5eaa34 100644
--- a/rpcs3/Emu/system_config.h
+++ b/rpcs3/Emu/system_config.h
@@ -80,7 +80,7 @@ struct cfg_root : cfg::node
 	{
 		node_vfs(cfg::node* _this) : cfg::node(_this, "VFS") {}
 
-		std::string get(const cfg::string&, const char*) const;
+		std::string get(const cfg::string&, std::string_view emu_dir = {}) const;
 
 		cfg::string emulator_dir{ this, "$(EmulatorDir)" }; // Default (empty): taken from fs::get_config_dir()
 		cfg::string dev_hdd0{ this, "/dev_hdd0/", "$(EmulatorDir)dev_hdd0/" };
@@ -92,7 +92,7 @@ struct cfg_root : cfg::node
 
 		std::string get_dev_flash() const
 		{
-			return get(dev_flash, "dev_flash/");
+			return get(dev_flash);
 		}
 
 		cfg::_bool host_root{ this, "Enable /host_root/" };