Shellac wax-based oleogel emulsions were studied with a three level two factorial design in order to find an optimal formulation for a spread formulation. Rheological, textural, colorimetry, and stability analysis were conducted to assess the performance of oleogel emulsions. FTIR spectra were also compared. The similarities between the samples were studied using cluster analysis. Analysis of variance (ANOVA) demonstrates that (i) the texture is influenced by the wax concentration, (ii) the rheology and stability by both the considered numeric factors (wax and water concentration) and their interaction, and (iii) the color by both factors. The emulsions containing 7% (m/m) shellac oleogels behaved like the strongest systems, (G′ & GLVR > 30,000 Pa) and exhibited the highest value of the G′-G″ cross-over. The lowest oil binding capacity (OBC) was 99.88% for the sample with 3% (m/m) shellac and 20% (m/m) water. The whiteness index (Windex) varied between 58.12 and 78.50. The optimization process indicated that a formulation based on 4.29% (m/m) shellac wax and 24.13% (m/m) water was suitable as a low-fat spread.