This work is aimed at formulating, characterizing and evaluatin different aqueous formulations based on emulsions with a relatively simple composition. In particular, this study focuses on a pseudo-ternary system water–oil-stabilizing agent (Pluronic F-127), where the oily phase is constituted of a mixture of two components of essential oils, eugenol and thymol, in different proportions. The choice of this type of system lies in the multiple beneficial properties of some of the essential oil components. However, their low solubility in water makes it necessary to look for strategies for their transport and controlled release, with emulsions being ideal platforms on which to exploit the use of these bioactive compounds by encapsulation. For this purpose, in this work, the determination of compositions leading to stable formulations is explored. This implies studying formulations where both the total oil fraction and the composition of the oily phase are varied. In this way, it will be possible to find the compositional regions of stability and instability of the system, i.e., to obtain a compositional map or phase diagram. On the other hand, a characterization of stable formulations will be performed due to the impact of the characteristics of the formulations for their possible practical applications. This characterization will include a study of the distribution of the oil or the droplet size of the emulsions, but also specific details related to the potential applications of these systems.