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Once the stipulated judgment is signed by the judge, it becomes the judgment in your case. Source: California Courts.
It is called a stipulated judgment because the parties agree on the term that they would like to have, and then a judge will sign it into order if it is enforceable. A judgment means that it is enforceable against the parties, and a stipulated judgment will carry the same weight as a regular judgment.
A stipulated judgment must include disposition of all matters subject to the courts jurisdiction for which a party seeks adjudication or an explicit reservation of jurisdiction over any matter not proposed for disposition at that time.
Consider your options before you agree to a stipulated judgment. You may have a defense to win your case or have it dismissed. If you decide to sign a stipulated judgment, be ready to stick to the terms. Otherwise, you could make things worse.
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