An emulsion is a mixture of two or more liquids that are normally immiscible that under high shear rates can form spherical droplets of on phase in the other phase. When droplet are in the nanometric range, they are called nanoemulsion. The advantages are a better stability and higher transparency. Monodispersity is a key parameter for pharmaceutical application especially when sterile filtration process is required.
A liposome is a spherical vesicle having at least one lipid bilayer. The liposome can be used as a vehicle for administration of nutrients and pharmaceutical drugs. Liposomes are most often composed of phospholipids and can be prepared by processing under high shear rates such as high pressure homogenizers (Source Wikipedia)