Ultrasound attenuation spectroscopy has found wide application in the study of colloidal dispersions such as emulsions or suspensions. The main advantage of this technique is that it can be applied to relatively high concentration systems without sample preparation. In particular, the use of Epstein-Carhart-Allegra-Hawley’s (ECAH) ultrasound scattering theory, along with experimental data of ultrasound velocity or attenuation, provide the method of estimation for the particle or droplet size from nanometers to millimeters. In this study, suspensions of magnetite and silica nanoparticles in high viscous media (i.e., castor oil) were characterized by ultrasound spectroscopy. Both theoretical and experimental results showed a significant difference in ultrasound attenuation coefficients between the suspensions of magnetite and silica nanoparticles. The fitting of theoretical model to experimental ultrasound spectra was used to determine the real size of objects suspended in a high viscous medium that differed from the size distributions provided by electron microscopy imaging. The ultrasound spectroscopy technique demonstrated a greater tendency of magnetic particles toward agglomeration when compared with silica particles whose sizes were obtained from the combination of experimental and theoretical ultrasonic data and were more consistent with the electron microscopy images.