Weekday Wonderings: Is emulsifying wax part of the oil phase?

In this post, How can you tell it’s a good recipe?, Connie asked, I am confused, however, about the percent of emulsifier relates to total percent. I understand that amount of emulsifying wax is 25% of % of oils. But isn’t the emulsifying wax considered part of oil phase? When I add that in, isn’t…