Grass pea (Lathyrus sativus L.) is a pulse with historical importance in Portugal, but that was forgotten over time. Previous to this work, an innovative miso was developed to increase grass pea usage and consumption, using fermentation as a tool to extol this ingredient. Our work’s goal was to develop a new vegan emulsion with added value, using grass pea sweet miso as a clean-label ingredient, aligned with the most recent consumer trends. For this, a multidisciplinary approach with microbiological, rheological and chemical methods was followed. Grass pea sweet miso characterization revealed a promising ingredient in comparison with soybean miso, namely for its low fat and sodium chloride content and higher content in antioxidant potential. Furthermore, in vitro antimicrobial activity assays showed potential as a preservation supporting agent. After grass pea sweet miso characterization, five formulations with 5–15% (w/w) of miso were tested, with a vegan emulsion similar to mayonnaise as standard. The most promising formulation, 7.5% (w/w) miso, presented adequate rheological properties, texture profile and fairly good stability, presenting a unimodal droplet size distribution and stable backscattering profile. The addition of 0.1% (w/w) psyllium husk, a fiber with great water-intake capacity, solved the undesirable release of exudate from the emulsion, as observed on the backscattering results. Furthermore, the final product presented a significantly higher content of phenolic compounds and antioxidant activity in comparison with the standard vegan emulsion.