Seaweed is a promising raw material for food emulsion stabilizers due to its abundance, low cost, and rich content of various natural biological macromolecules. This study explores the potential of using Ulva lactuca (UL) to stabilize emulsions by employing high-pressure homogenization (HPH) to release its interfacial active components. The results demonstrate that UL extract (ULE) with emulsifying activity was gradually extracted as the HPH pressure increased from 100 to 800 MPa. Concentrating the macromolecular components, specifically polysaccharides and proteins, in the ULE via membrane filtration resulted in a concentrated fraction, referred to as ULER, which exhibited enhanced emulsification performance. By optimizing the oil volume fraction (φ) and pH, it was found that high internal phase emulsions (φ = 0.7–0.8) showed superior viscoelasticity and stability at pH 3–7. In terms of stability, it was observed that the emulsions stabilized by ULER maintained their structure over extended periods without significant phase separation. The strong interaction between exogenous Ca2⁺ and ULER increased the apparent viscosity and viscoelasticity of the emulsion. However, the addition of Ca2⁺ did not significantly enhance the stability of the ULER-stabilized emulsions and, in some cases, even led to a decrease in emulsion stability. This effect may be probably due to the specific interactions between the Ca2⁺ ions and the polysaccharides and proteins in the ULER, which can affect the network structure of the emulsion. Overall, this study highlights the potential of HPH treatment in processing UL to transform it into an effective emulsion stabilizer for applications in the food industry.