Plant protein ingredients are rich in non-protein components of which the antioxidant and pro-oxidant effects are expected to be considerable. In this paper, commercial soy and pea protein isolates and concentrates were selected by using their soluble fractions to prepare oil-in-water (O/W) emulsions. Emulsions stabilized with soy protein isolates were more prone to lipid oxidation than those with soy protein concentrate or pea protein isolate. Compositional analysis revealed that the soluble fraction of soy protein isolates contained higher concentrations of phenolic compounds and metals (iron and copper) but lower mineral and ash contents than those of soy protein concentrate and pea protein isolate. Correlating the composition to oxidation in emulsions highlighted the significant role of non-protein components, alongside the protein's oxidative state. These findings are relevant for the use of alternative proteins in food formulation, a practice often promoted as sustainable yet that may come with repercussions for oxidative stability.