The main objective of this study was to establish the relative importance of the main operating parameters impacting the formation of food-grade oil-in-water nanoemulsions by high-pressure homogenization. The goal of this unit operation was to create uniform and stable emulsified products with small mean particle diameters and narrow polydispersity indices. In this study, we examined the performance of a new commercial high-pressure valve homogenizer, which has several features that provide good control over the particle size distribution of nanoemulsions, including variable homogenization pressures (up to 45,000 psi), nozzle dimensions (0.13/0.22 mm), flow patterns (parallel/reverse), and back pressures. The impact of homogenization pressure, number of passes, flow pattern, nozzle dimensions, back pressure, oil concentration, emulsifier concentration, and emulsifier type on the particle size distribution of corn oil-in-water emulsions was systematically examined. The droplet size decreased with increasing homogenization pressure, number of passes, back pressure, and emulsifier-to-oil ratio. Moreover, it was slightly smaller when a reverse rather than parallel flow profile was used. The emulsifying performance of plant, animal, and synthetic emulsifiers was compared because there is increasing interest in replacing animal and synthetic emulsifiers with plant-based ones in the food industry. Under fixed homogenization conditions, the mean particle diameter decreased in the following order: gum arabic (0.66 µm) > soy protein (0.18 µm) > whey protein (0.14 µm) ≈ Tween 20 (0.14 µm). The information reported in this study is useful for the optimization of the production of food-grade nanoemulsions using high-pressure homogenization.