The magnetic method is one of the very few nondestructive testing (NDT) techniques that provide the possibility to conduct area tests of reinforced concrete (RC) structures in a fast, cheap, and straightforward way. This paper aims to present a new approach to the simultaneous identification of rebars’ diameter, alloy class, and thickness of the concrete cover tested with this method. Since rebars from different manufacturers may have different electromagnetic properties (standardization only for mechanical properties), preparing an effective and universal database is impossible. In this work, ACO decomposition is proposed, a new attributes extraction method designed to identify object parameters, even if it is impossible to collect a suitable training database (by pattern recognition and analysis of the deviation). Conducted tests prove that the ACO method enables accurate reflection of the waveform shape and limitation of attributes number to three or fewer (avoiding the curse of dimensionality). These properties, combined with the ability to analyze spatial components of magnetic induction (which only magnetic sensors provide), make the complex task of identification of three parameters more straightforward and the separation between the results received for different classes larger. This article presents the measurement results and the whole identification process.