In this work, barium hexaferrite/perovskite BaFe12O19/Pr1-xSrxCoyMn1-yO3 composite ferrites were synthesized using single step sol-gel auto-combustion method. The lattice parameters and stabilized structural phases were studied using X-ray diffraction (XRD). The average crystallite size was found in the range of 52.9 nm - 70.8 nm. Field Emission Scanning Electron Microscopy (FE-SEM) micrographs showed agglomerated particles having hexagonal as well as platelets like spherical shapes. Magnetic measurements done using vibrating sample magnetometer revealed that composite S3 (BaFe12O19/Pr0.75Sr0.25Co0.25Mn0.75O3) exhibits low saturation magnetization (35.3 emu/g), and coercivity (775 Oe). Dielectric analysis revealed that, at 1 MHz frequency, the tangent loss (1.3) and dielectric loss (22.5) are highest for the composite S3 (BaFe12O19/Pr0.75Sr0.25Co0.25Mn0.75O3), whereas largest dielectric constant (20.7) was exhibited by S4 (BaFe12O19/Pr0.5Sr0.5Co0.5Mn0.5O3). Similarly, composite S2 (BaFe12O19/PrMnO3) (having the highest quality factor of 4.05) exhibited the largest resistivity (18885.8 Ω-cm), while composite S3 (BaFe12O19/Pr0.75Sr0.25Co0.25Mn0.75O3) showed highest AC conductivity (0.00125 (Ω-cm)-1). The investigated composites are found excellent choice for designing devices for applications involving high-frequency interference and electromagnetic shielding due to their unique magnetic and dielectric properties.