Egg is well known to have great emulsifying properties in emulsion systems such as mayonnaise. However, egg yolk is a food allergen leading to the need for alternatives. The emulsification properties of cheese powder in mayonnaise were studied in comparison with egg yolk powder. Four percent of cheese powders were added during mayonnaise production and the resultant rheological properties, stability, and microstructure were evaluated. The cheese powders were based either on Cheddar or Camembert and powders from the latter were made with and without use of emulsifying salt. Use of cheese powder enabled development of a gel-like structure in the mayonnaise. Mayonnaise made using Cheddar cheese powder showed the highest degree of similarity to egg yolk powder in terms of rheological properties and exhibited a high consistency index (a K-value of 33.6 Pa sⁿ) and higher stiffness (G'~2.2 kPa). On the other hand, samples with Camembert cheese powder showed decreased consistency index (a K-value of 4.1–7.3 Pa sⁿ) and lower G'~1 kPa even if emulsifying salts were added (G'~1.6 kPa). All cheese powders ensured good fat emulsification but were less able to bind water.