The phase behavior and structure of a four-component microemulsion system forming droplets with an oil core surrounded by the non-ionic C12E5 surfactant in water and "decorated" by long PEO chains using the block copolymer/surfactant Brij 700 has been studied. The surfactant-to-oil volume ratio, the coverage density of the droplets with decorating molecules, and the temperature were varied. For a surfactant-to-oil volume ratio of 2, the solutions form isotropic and clear solutions at room temperature, and the addition of Brij molecules stabilize the micelles: the transition to an opaque phase is shifted to higher temperatures as the surface coverage increases. At a surfactant-to-oil ratio of 1, the isotropic microemulsion phase is confined to a very narrow range of temperature, which location is shifted to increasing temperature, as the amount of Brij at the surface of the droplet is increased. For large surface coverages, the lower emulsification boundary varies roughly linearly with the surface coverage. The structure of the droplet phase was investigated by small-angle neutron scattering (SANS) and small-angle X-ray scattering (SAXS). For a surfactant-to-oil ratio of 2, the SANS data revealed a transition from rodlike to spherical particles when Brij molecules are added to the system, which induces a larger curvature of the surfactant film. For a surfactant-to-oil ratio of 1, the droplets are nearly spherical at all surface coverages. The intermicellar interactions effects become increasingly more pronounced as Brij is added, due to the introduction of the highly swollen corona. A quantitative analysis of some of the SAXS data was done using an advanced model based on Monte Carlo simulations. It demonstrates the strong chain-chain interactions within the corona and confirms the increased interparticle interactions, as the coverage density is increased.