It's not the same thing.
In an oil-in-water emulsion, the oil is the dispersed phase (droplets) and water the continuous phase. In a water-in-oil emulsion it is the opposite. Here the water is present in the form of droplets whereas the oil is the continuous phase.
Which one forms when mixing oil and water depends on volume fractions or the emulsifier that is used. Look up the Bancroft rule for example.