Regarding the OP the series obviously intended to make the answer to the question appear ambiguous.
There is certainly nothing that would make clear they were not lovers, however. That is by the nature of things since what is shown does not contradict that they were - they were intimte, flirty, together at odd hours, socialized together as well. They had that comfortable banter that lovers who like each other have.
But on the other hand there was very little in the series to suggest they were lovers. They still kept separate apartments. Steed was openly interested in other women to an extent that was not merely attributable to the times (Austin Powers!) or the fact that they may have been lovers but not steady ones. Their being together at odd hours was a function of their work. In addition, Mrs. Peel occasionally would receive rather forward attention from other men, and I don't think Steed ever appeared visibly jealous (perhaps it was more "Lot's of luck to you, bud!").
The one show when their bodies were taken over by a married couple must have been a hoot for them, and they played it to the hilt. I think you might see something in the way the two characters felt, and the body langauge they showed, in considering how differently the "invading" characters behaved. It's hard to say, though.
One small point goes to the show that tansitioned to the King era, when Mr. Peel shows up. If Steed and Emma were just good friends, why would she not introduce her husband to him? WHy would it be goodbye, and not how about some couples night out, in fact in effect never see you again?
I don't know if that last bit is enough to answer the question with yes, lovers, but it is a factor, imo.
In the end, I think the answer goes to the nature of Mrs. Peel's character. As a man myself, and all men being dogs essentially, one could hardly imagine Steed saying no if he had the chance. I mean really... So if you want to come down on saying they were not lovers, it has to be attributable to the nature of Mrs. Peel's character and situation. Her husband was missing, but not known to be dead. She was always referred to as Mrs. Yet as years go by it is also clear she enjoys Steed's company, and friendship. Could she be flirty and extremely friendly, but hold back because she did not know her husband was not coming back? It almost sounds sexist to think a woman would be expected to "keep her honor" in such a situation, but there is something to it.
So, on balance, keeping in mind there is no proof they were not lovers, I still tend to think they were not, out of the impediment that her husband's status is up in the air. Difficulties that adhere due to their working relationship may also have been a factor. But there are several factors on the other side. It is a close question in any event, and credit goes to the show for adhering to this treatment of the issue so consistently.
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