The homogenization methods and selection of biomaterials of the continuous phase are critical in the formulation of food emulsions. This study evaluated the stability of emulsions containing an oily extract using soy protein isolate (SPI), pea protein isolate (PPI), and two homogenization techniques: microfluidization (MF) and rotor–stator (RS). Emulsions formulated with SPI and processed by MF exhibited the highest stability, with a Turbiscan Stability Index (TSI) of 0.85, a mean droplet size of 160.1 nm, a polydispersity index of 0.152, a ζ-potential of −29.3 mV, and an apparent viscosity of 8.1 mPa·s. The PPI emulsions processed by MF showed slightly higher TSI (1.6) and droplet size (188.1 nm). All MF emulsions achieved desirability >0.8. The RS systems showed lower stability, with a TSI of 5.7 (SPI) and 7.9 (PPI), and droplet sizes >1700 nm, despite more negative ζ-potentials (−40.2 mV for SPI, −36.7 mV for PPI). All optimized emulsions showed pseudoplastic flow behavior, with a transition to Newtonian flow at higher shear rates. Overall, microfluidization significantly improved emulsion stability and rheological properties.