The synthesis of P(VA‐co‐VAc)‐graft‐PDMS copolymers has been achieved in microsuspension by direct reaction between an epoxy‐terminated PDMS and some pendant alcohol groups in P(VA‐co‐VAc). In this synthesis, the copolymer is used both as dispersant and reactant. The hydrophilic/hydrophobic character of the final material can be varied at will by incorporating various contents of epoxy‐functionalized PDMS through optimized reaction conditions. The final composition was determined by TGA and 1H NMR. Products prepared from monofunctional PDMS were easily redispersed in water whereas a film of crosslinked materials, arising from difunctional PDMS, showed the best waterproofing as shown by contact angle analysis.