To develop criterial for studying the microstructural state of magnetic particle suspensions, we adopt two different state-of-the art characterization techniques of microstructure of complex fluids i.e. rheomagnetic and rheooptic measurements. We use these techniques to study the dispersion state of various single domain magnetic particles(rod-like ${gamma}$-F$e_2$$O_3$ or Cr$O_2$ and plate-like Ba-Ferrite). Theory also will be developed to interpret data and provide a unified description of characterization of dispersion quality