Combinatory flooding techniques evolved over the years to mitigate various limitations associated with unitary flooding techniques and to enhance their performance as well. This study investigates the potential of a combination of 1-hexadecyl-3-methyl imidazolium bromide (C16mimBr) and monoethanolamine (ETA) as an alkali–surfactant (AS) formulation for enhanced oil recovery. The study is conducted comparative to a conventional combination of cetyltrimethylammonium bromide (CTAB) and sodium metaborate (NaBO2). The study confirmed that C16mimBr and CTAB have similar aggregation behaviors and surface activities. The ETA–C16mimBr system proved to be compatible with brine containing an appreciable concentration of divalent cations. Studies on interfacial properties showed that the ETA–C16mimBr system exhibited an improved IFT reduction capability better than the NaBO2–CTAB system, attaining an ultra-low IFT of 7.6 × 10−3 mN/m. The IFT reduction performance of the ETA–C16mimBr system was improved in the presence of salt, attaining an ultra-low IFT of 2.3 × 10−3 mN/m. The system also maintained an ultra-low IFT even in high salinity conditions of 15 wt% NaCl concentration. Synergism was evident for the ETA–C16mimBr system also in altering the carbonate rock surface, while the wetting power of CTAB was not improved by the addition of NaBO2. Both the ETA–C16mimBr and NaBO2–CTAB systems proved to form stable emulsions even at elevated temperatures. This study, therefore, reveals that a combination of surface-active ionic liquid and organic alkali has excellent potential in enhancing the oil recovery in carbonate reservoirs at high salinity, high-temperature conditions in carbonate formations.