An elastoviscoplastic constitutive equation is proposed to describe both the elastic and rate-dependent plastic deformation behavior of Carbopol® dispersions, commonly used to study yield-stress fluids. The model, a variant of the nonlinear Maxwell model with stress-dependent relaxation time, eliminates the need for a separate Herschel–Bulkley yield stress. The stress dependence of the viscosity was determined experimentally by evaluating the steady-state flow stress at a constant applied shear rate and by measuring the steady-state creep rate at constant applied shear stress. Experimentally, the viscosity’s stress-dependence was confirmed to follow the Ree–Eyring model. Furthermore, it is shown that the Carbopol® dispersions used here obey time-stress superposition, indicating that all relaxation times experience the same stress dependence. This was demonstrated by building a compliance mastercurve using horizontal shifting on a logarithmic time axis of creep curves measured at different stress levels and by constructing mastercurves of the storage- and loss-modulus curves determined independently by orthogonal superposition measurements at different applied constant shear stresses. Overall, the key feature of the proposed constitutive equation is its incorporation of a nonlinear stress-activated change in relaxation time, which enables a smooth transition from elastic to viscous behavior during start-up flow experiments. This approach bypasses the need for a distinct Herschel–Bulkley yield stress as a separate material characteristic. Additionally, the model successfully replicates the observed steady-state flow stress in transient-flow scenarios and the steady-state flow rate in creep experiments, underlining its effectiveness in capturing the material’s dynamic response. Finally, the one-dimensional description is readily extended to a full three-dimensional finite-strain elastoviscoplastic constitutive equation.