Poly(methylvinylsiloxane) (V₃ polymer) obtained by kinetically controlled anionic ring-opening polymerization of 1,3,5-trimethyl-1,3,5-trivinylcyclotrisiloxane was cross-linked with various amounts of 1,3,5,7-tetramethylcyclotetrasiloxane (D₄^H) in w/o high internal phase emulsions (HIPEs). PolyHIPEs thus prepared differed in the polymer cross-linking degree, which affected their porous morphology and total porosity. The obtained V₃ polymer-based polyHIPEs were applied as matrices for the incorporation of Pd from the Pd(OAc)₂ solution in tetrahydrofuran. This process involved the conversion of Si–H groups remaining in the polymer networks and resulted in the formation of crystalline, metallic Pd in the systems. Mean sizes of the generated Pd crystallites were lower in polyHIPEs of higher than in those of lower polymer cross-linking degrees and porosities (∼5 nm vs ∼8 nm, respectively). The Pd-containing polyHIPEs showed activity in catalytic hydrogenation of the triple carbon–carbon bond in phenylacetylene giving the unsaturated product, styrene with a selectivity of ca. 80%. To the best of our knowledge, this is the first work devoted to polysiloxane-based polyHIPEs with dispersed metallic particles.