ABSTRACT The relationship between protein dispersibility (PDI) and certain emulsion characteristics of four soy products: an isolate, two concentrates (toasted and untoasted) and full‐fat flakes, were examined at 5 pH's. PDI, emulsifying activity and emulsion stability were significantly affected by pH. Values for these parameters were lowest at pH 4.5, and increased at pH's above and below this point. Coefficients of determination indicated that pH is a major factor in determining the ability of a soy product to form an emulsion. A strong positive linear correlation between PDI and emulsifying activity and stability was found. The emulsification capacities of the isolate and untoasted concentrate were not affected by pH when the amount of dispersible protein was equalized.