An electrode material for use with spark plugs and other ignition devices. The electrode material is a two-phase composite material that includes a matrix component and a dispersed component embedded in the matrix component. In a preferred embodiment, the matrix component is a precious-metal based material and the dispersed component includes a material that exhibits a high melting point and a low work function such as, for example, carbides, nitrides, and/or intermetallics. A process for forming the electrode material into a spark plug electrode is also provided.