To understand what is happening, you need to understand Angular's $digest cycle and event $emit and $broadcast functions.
Based on some research, I've also learned that Angular does not use any kind of polling mechanism to periodically check for model changes. This is not explained in the Angular docs, but can be tested (see this answer to a similar question).
Putting all of that together, I wrote a simple experiment and concluded that you can rely on your event handlers running first, then your watch functions. Which makes sense, because the watch functions can be called several times in succession during the digest loop.
The following code...
template.html
<div ng-app="myApp">
<div watch-foo ng-controller="FooController">
<button ng-click="changeFoo()">
Change
</button>
</div>
</div>
script.js
angular.module('myApp', [])
.directive('watchFoo', watchFooDirective)
.controller('FooController', FooController);
function watchFooDirective($rootScope) {
return function postLink(scope) {
scope.$watch(function () {
return scope.foo;
}, function (value) {
console.log('scope.$watch A');
});
scope.$on('foo', function (value) {
console.log('scope.$on A');
});
$rootScope.$on('foo', function (value) {
console.log('$rootScope.$on A');
});
$rootScope.$on('foo', function (value) {
console.log('$rootScope.$on B');
});
scope.$on('foo', function (value) {
console.log('scope.$on B');
});
scope.$watch(function () {
return scope.foo;
}, function (value) {
console.log('scope.$watch B');
});
};
}
function FooController($scope) {
$scope.foo = 'foo';
$scope.changeFoo = function() {
$scope.foo = 'bar';
$scope.$emit('foo');
};
}
...yields the following results in the console when the 'Change' button is clicked:
scope.$on A
scope.$on B
$rootScope.$on A
$rootScope.$on B
scope.$watch A
scope.$watch B
UPDATE
Here is another test that illustrates the watch callback being called twice in the digest loop, but the event handlers not being called a second time: https://jsfiddle.net/sscovil/ucb17tLa/
And a third test that emits an event inside the watch function, then updates the value being watched: https://jsfiddle.net/sscovil/sx01zv3v/
In all cases, you can rely on the event listeners being called before the watch functions.