Although most telephone exchanges are quite happy with rates of anywhere from 6 to 15 pulses per second (pps), the standard accepted by telephone companies is only 8 to 10 pps. Some modern digital phone exchanges, free of the mechanical inertia problems of older phone systems, will accept a pps rate as high as 20.
Besides the pps rate, the phone dialing pulses have a make/break ratio, usually described as a percentage, but sometimes as a straight ratio. The North American standard is 60/40 percent; most of Europe accepts a standard of 63/37 percent. This is the pulse measured at the phone, not at the phone exchange, where it's somewhat different, having traveled through the phone line with its distributed resistance, capacitance, and inductance. In practice, the make/break ratio does not seem to affect the performance of the phone dial when attached to a normal loop.
by using Asterisk (Opensource VOIP software), We could set up Zap Channels with rotary dial phone just like phone exchange with phone.
then use Asterisk Gateway Interface (AGI) connect with Arduino.
Sample: Arduino Forum