"A level of respect"
That's right.
but think simply
엄마, 아빠 is informal. It sounds more familiar. I also usually say 엄마 엄마~.
but actually it's for kids. as we grow older, we change some words, just like from 엄마 to 어머니
if you're an adult and you say 엄마 in front of other elder person, he/she thinks you're immature.
I also use 엄마 when I'm home but if there are some other people(especially my mother's friends) around us, I say 어머니.
because I also think if someone calls her/his mother as 엄마, she/he is immature.
Using 어머니 depends on home atmosphere and home education but we should keep them.