Flaxseed gum (FG) and whey protein microparticles (WPMs) were used to substitute fats in model mayonnaises. WPMs were prepared by grinding the heat-set whey protein gel containing 10 mM CaCl2 into small particles (10–20 µm). Then, 3 × 4 low-fat model mayonnaises were prepared by varying FG (0.3, 0.6, 0.9 wt%) and WPM (0, 8, 16, 24 wt%) concentrations. The effect of the addition of FG and WPMs on rheology, instrumental texture and sensory texture and their correlations were investigated. The results showed that all samples exhibited shear thinning behavior and ‘weak gel’ properties. Although both FG and WPMs enhanced rheological (e.g., viscosity and storage modulus) and textural properties (e.g., hardness, consistency, adhesiveness, cohesiveness) and kinetic stability, this enhancement was dominated by FG. FG and WPMs affected bulk properties through different mechanisms, (i.e., active filler and entangled polysaccharide networks). Panellists evaluated sensory texture in three stages: extra-oral, intra-oral and after-feel. Likewise, FG dominated sensory texture of model mayonnaises. With increasing FG concentration, sensory scores for creaminess and mouth-coating increased, whereas those of firmness, fluidity and spreadability decreased. Creaminess had a linear negative correlation with firmness, fluidity and spreadability (R2 > 0.985), while it had a linear positive correlation with mouth-coating (R2 > 0.97). A linear positive correlation (R2 > 0.975) was established between creaminess and viscosity at different shear rates/instrumental texture parameters. This study highlights the synergistic role of FG and WPMs in developing low-fat mayonnaises.