Magneto-optic (MO) ellipsometry of ferromagnetic materials is extremely sensitive to ultra-thin films, multilayers, and nanostructures. It gives a possibility to measure all components of the magnetization vector in the frame of the magneto-optic vector magnetometry and enable us to separate magnetic contributions from different depths and materials in nanostructures, which is reviewed in this article. The method is based on ellipsometric separation using the selective MO Kerr effect. The figure of merit used to quantify the ellipsometric selectivity to magnetic nanostructures is defined on the basis of linear matrix algebra. We show that the method can be also used to separate MO contributions from areas of the same ferromagnetic materials deposited on different buffer layers. The method is demonstrated using both: (i) modeling of the MO ellipsometry response and (ii) MO measurement of ultra-thin Co islands epitaxially grown on self-organized gold islands on Mo/Al 2 O 3 buffer layer prepared using the molecular beam epitaxy at elevated temperatures. The system is studied using longitudinal (in-plane) and polar (perpendicular) MO Kerr effects.