Combining direct computations with invariance arguments, Taylor’s constitutive equation for an emulsion can be extrapolated to high shear rates. We show that the resulting expression is consistent with the rigorous limits of small drop deformation and that it bears a strong similarity to an a priori unrelated rheological quantity, namely the dynamic (frequency dependent) linear shear response. More precisely, within a large parameter region the nonlinear steady–state shear viscosity is obtained from the real part of the complex dynamic viscosity, while the first normal stress difference is obtained from its imaginary part. Our experiments with a droplet phase of a binary polymer solution (alginate/caseinate) can be interpreted by an emulsion analogy. They indicate that the predicted similarity rule generalizes to the case of moderately viscoelastic constituents that obey the Cox–Merz rule.