Lavender distillation produces huge quantities of solid waste yearly. This waste is usually discarded, resulting in serious environmental issues. However, it still contains residual essential oil and other bioactive compounds. This research reports on the development and comparison of optimized solid–liquid separation methods, i.e., microwave- (MAE) and ultrasound-assisted extraction (UAE) of phenolic compounds from lavender distillation waste. The optimal pretreatment conditions, such as waste moisture content and particle size, were also determined. The extracts were spray- or freeze-dried and the resulting powders were characterized for their physicochemical properties. The majority of the original phenolic compounds in lavender were found in the leachate fraction after distillation (61%), whereas 43% was found in the solid waste. Drying of the solid waste before extraction affected the process efficiency. UAE led to a higher phenolic content and greater antioxidant properties compared to MAE. Drying (spray or freeze) the extracts did not significantly affect their phenolic content, whereas the use of maltodextrin as a drying agent improved the drying process yield, especially when using the freeze-drying method. It is concluded that valorization of lavender distillation wastes can be achieved via an integrated process consisting of a green extraction method and a consequent drying process that results in a stable bioactive powder.