This research aimed to explore the potential utilization of protein (P) and fiber (F) extracted from cold-pressed hot pepper seed oil byproduct (HPOB) in the enhancement of the rheological properties, emulsion stability, and oxidative stability of a low-fat salad dressing with 10% oil content. The assessment involved the examination of several aspects, including the physical qualities such as emulsion stability, rheological behavior, and particle size as well as the microstructure and oxidative stability. It is worth mentioning that all emulsions had desirable characteristics, including shear-thinning behavior characterized by a consistency index ranging from 6.82 to 22.32 Pa s, as well as viscoelasticity and recoverability. These qualities were notably improved with the addition of P and F of HBOP. During the thermal stability testing, it was observed that the low-fat dressing containing 1% P−1F exhibited minor changes in the G* value, indicating its exceptional emulsion stability. The control salad dressings in C1 samples contained 30% oil. (B): C2: samples containing 10% oil (low-fat salad dressing sample) exhibited ζ-potential values of −34.70 and −46.70 mV. The samples 1P−1F and 2P−1F exhibited the highest ζ-potential values. Furthermore, the increase in F resulted in a reduction in droplet size and elicited elevated values for the induction period (IP), with the exception of samples containing 1% protein, 3% fiber, and 10% oil (1P−3F). The salad dressings that included P−F exhibited enhanced oxidative stability, demonstrated by their longer IP (ranging from 5.11 to 7.04 h) compared to the control samples. The formulation consisting of samples contained 1% protein, 1% fiber, and 10% oil (1P−1F) and samples contained 2% protein, 1% fiber, and 10% oil (2P−1F) exhibited superior ζpotential, emulsion stability, and recovery rate compared to other formulations. The findings of this investigation indicate that the interaction of proteins and fibers extracted from HPOB exhibits the potential to enhance the rheological characteristics, emulsion stability, and oxidative stability of low-fat salad dressing.