This study aimed to determine the effect of high‐intensity ultrasound (HIU) on physical properties of soy protein isolate dispersions (SPI) and their addition to emulsion gels (EG) containing soybean oil (SBO), inulin (IN) and carrageenan (CAR). Sonicated and non‐sonicated SPI dispersions were mixed with CAR, IN and SBO and heated at 90 °C for 30 min to gel the emulsion. An increase in solubility and oil binding capacity was observed in sonicated SPI dispersions (S‐SPI) compared to the non‐sonicated ones. HIU changed the molecular weight of SPI and decreased apparent viscosity in the dispersions. The use of S‐SPI in the EG reduced the droplet size and increased the hardness and G′ values. The use of S‐SPI allowed a reduction of 75% of carrageenan in the EG without affecting the hardness of the gel. The results suggest that HIU can be used to improve rheological properties of functional EG.