There is a growing need for natural ingredients that could be utilized for the production of food, pharmaceutical, and cosmetic emulsions. Soy protein acid hydrolysate (SPAH) is a plant-based additive used in the food industry mainly as a flavor enhancer. For the purpose of this work, however, it was mixed with a well-known natural polysaccharide, xanthan gum (XG), to produce stable 30% (w/w) sunflower oil-in-water emulsions using a rotor-stator homogenizer. In order to assess the emulsifying properties of the SPAH and its mixtures with XG, the surface tension properties of their water solutions, particle size, creaming stability, and rheological properties of the emulsions were investigated. Since the emulsions prepared using only SPAH, in various concentrations, were not stable, systems containing 5% of SPAH and 0.1, 0.2, 0.3, 0.4, or 0.5% of XG were then studied. The increase in concentration of the macromolecule led to an increase in creaming stability. The emulsions with 5% SPAH and 0.5% XG were stable for at least 14 days. The increase in XG concentration led to a decrease in d4,3, while consistency index and non-Newtonian behavior increased. The systems containing SPAH, in the absence of XG, showed shear-thinning flow behavior, which was changed to thixotropic with the addition of XG. Viscoelastic properties of emulsions containing over 0.2% of XG were confirmed by oscillatory rheological tests, demonstrating the dominance of elastic (G’) over viscous (G”) modulus.