The production of a fermented plant-based cheese requires understanding the behavior of the selected raw material prior to fermentation. Raw material processing affects physicochemical properties of plant protein ingredients, and it determines their ability to form fermentation-induced protein gels. Moreover, the addition of oil also influences structure formation and therefore affects gel firmness. This study focuses on identifying and characterizing an optimal pea protein matrix suitable for fermentation-induced plant-based cheese. Stability and gel formation were investigated in pea protein matrices. Pea protein isolate (PPI) emulsions with 10% protein and 0, 5, 10, 15, and 20% olive oil levels were produced and further fermented with a starter culture suitable for plant matrices. Emulsion stability was evaluated through particle size, ζ-potential, and back-scattered light changes over 7 h. Gel hardness and oscillation measurements of the fermented gels were taken after 1 and 7 days of storage under refrigeration. The water-holding capacity of the gels was measured after 7 days of storage and their microstructure was visualized with confocal microscopy. Results indicate that all PPI emulsions were physically stable after 7 h. Indeed, ζ-potential did not change significantly over time in PPI emulsions, a bimodal particle size distribution was observed in all samples, and no significant variation was observed after 7 h in any of the samples. Fermentation time oscillated between 5.5 and 7 h in all samples. Higher oil content led to weaker gels and lower elastic modulus and no significant changes in gel hardness were observed over 7 days of storage under refrigeration in closed containers. Water-holding capacity increased in samples with higher olive oil content. Based on our results, an optimal pea protein matrix for fermentation-induced pea protein gels can be produced with 10% protein content and 10% olive oil levels without compromising gel hardness.