Ontology Alignment (OA) is essential for enabling semantic interoperability across heterogeneous knowledge systems. While recent advances have focused on large language models (LLMs) for capturing contextual semantics, this work revisits the underexplored potential of Knowledge Graph Embedding (KGE) models, which offer scalable, structure-aware representations well-suited to ontology-based tasks. Despite their effectiveness in link prediction, KGE methods remain underutilized in OA, with most prior work focusing narrowly on a few models. To address this gap, we reformulate OA as a link prediction problem over merged ontologies represented as RDF-style triples and develop a modular framework, integrated into the OntoAligner library, that supports 17 diverse KGE models. The system learns embeddings from a combined ontology and aligns entities by computing cosine similarity between their representations. We evaluate our approach using standard metrics across seven benchmark datasets spanning five domains: Anatomy, Biodiversity, Circular Economy, Material Science and Engineering, and Biomedical Machine Learning. Two key findings emerge: first, KGE models like ConvE and TransF consistently produce high-precision alignments, outperforming traditional systems in structure-rich and multi-relational domains; second, while their recall is moderate, this conservatism makes KGEs well-suited for scenarios demanding high-confidence mappings. Unlike LLM-based methods that excel at contextual reasoning, KGEs directly preserve and exploit ontology structure, offering a complementary and computationally efficient strategy. These results highlight the promise of embedding-based OA and open pathways for further work on hybrid models and adaptive strategies.