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.