Hi, yes, emulsifying ointment is a mixture of Emulsifying wax 3 parts, white soft paraffin 5 parts and liquid paraffin 2 parts all by weight. It is a bland ointment and does not contain steroids. It is a constituent of many hydrophilic ointment-bases for so-called washable ointments. As a matter of interest, Aqueous Cream is a 'mixture' of 30% Emulsifying Ointment and water.
I hope I haven't baffled you with science! This is taken from Martindale, the Pharmacist's bible. In other words it is recommended for psoriasis and other skin conditions where the skin tends to get dry and itchy.
Sheila