Hydrocolloid powders from Pereskia aculeata Miller were obtained by using drying in a vacuum oven and freeze-drying at different concentrations (0.5–3.0 g of hydrocolloids/100 g of aqueous phase) to produce oil-in-water emulsions. The rheological characteristics of the emulsions and their microstructures were determined. The freeze-dried hydrocolloids and higher hydrocolloid concentrations resulted in emulsions with higher viscosities. The drying method and hydrocolloid concentration influenced the thixotropic behavior, and the resulting emulsions exhibited shear-thinning behavior. Microstructural analysis showed that with increasing freeze-dried hydrocolloid concentration, the emulsions had droplets with lower average diameters and greater uniformity, suggesting greater system stability.