Summary Mayonnaise is an oil in water emulsion of egg, oil and an acid, worldwide consumed. The major challenges of the mayonnaise industry include searching for an alternative protein source. This study evaluates an alternative protein source, yeast protein extract (YPE), to replace egg in the mayonnaise model. Furthermore, the natural ability of phenolic compounds (PCs) to bind to proteins was studied to enhance the emulsifying capacity of YPE. The mayonnaise‐like emulsions were characterised according to their rheology, texture and colour profile. There were no differences in rheological parameters between the YPE emulsion (G' at 1 Hz 785 ± 15 Pa) and onion powder emulsion (G' at 1 Hz 785 ± 15 Pa) compared with the commercial mayonnaise (CC, G' at 1 Hz 747 ± 16 Pa). In general, the emulsions obtained with YPE and YPE‐PCs were found to have similar viscoelastic and viscosity properties to the CC. In terms of texture profile (firmness) the blueberry powder (0.574 ± 0.036 N), grape seed extract (0.497 ± 0.061 N) or wine extract (0.626 ± 0.128 N) YPE emulsions were equal to CC (0.561 ± 0.031 N). As a result, some of the mayonnaise‐like emulsions developed could be alternatives to CC regarding physical–chemical properties. The main goal of this study is to design a new vegan clean‐label mayonnaise‐like emulsion using yeast protein extracts (YPE) as a true substitute for the egg in traditional mayonnaise. Different sources of phenolic compounds were tested as stabilizer of this novel food. Namely, onion, grape and blueberry extracted were used. The rheology, texture and colour proprieties were assayed.