While emulsions and dispersions have similar characteristics, it is important to understand their differences. An emulsion is a uniform mixture of two immiscible liquids (i.e. oil and water). Oil in water are characterized by things like moisturizers. An example of a water in oil emulsion is sunscreen.
A dispersion is when small, water insoluble particles are mixed in a liquid. They must undergo a powerful mixing process to integrate the small particles within the liquid base so that they remain suspended in a homogenous mixture.