Polymeric surfactant flooding is an effective method to improve oil recovery, and the stability of the emulsion is closely related to the effect of surfactant flooding. The preparation method for a surfactant-stabilized emulsion is relatively simple, and the emulsion produced by the existing device cannot simulate the real formation conditions. To better simulate the emulsification of polymeric surfactant during formation and to study the influencing factors of emulsion stability, a new sieve plate rotary emulsification device was used to prepare emulsions instead of the traditional high-speed shear emulsifier, and the stability of emulsions prepared by different methods was compared. The parameters of the device were optimized by determining the water content, particle size, and Turbiscan Stability Index TSI (stability parameter) of the emulsion. The factors affecting the stability of the emulsion were studied by using the optimized experimental device. The results showed that the optimized parameters of the sieve plate rotary emulsification device were 5 sieve plates, diameter of 1 mm, and emulsification time of 60 min. The stability of the emulsion prepared by the new device was better than that of the emulsion prepared by the traditional high-speed stirrer, which can be attributed to the more abundant contact and mix of oil and surfactant solution. Meanwhile, as the polymeric surfactant concentration, salinity, and water–oil ratio increased, the stability of the polymeric surfactant emulsion increased. The results of this study provide a theoretical basis and guidance for better simulation of polymeric surfactant migration and emulsification during formation.