While nanoparticle dispersion is necessary to achieve optimal properties, it has long been recognized as a major technological hurdle for polymer nanocomposites. Here, a systematic study incorporated carbon nanotubes (CNTs) in polycaprolactone (PCL) using a multi‐stage sonication process, with Stage 1 sonication of CNT/solvent followed by Stage 2 sonication of the pre‐processed CNT/solvent with the dissolved polymer. Conventional dispersion characterization techniques were complemented with analysis of the shear‐induced crystallization (SIC) behavior of the semicrystalline nanocomposite, which was found to be particularly sensitive to the state of nanoparticle dispersion. While Stage 1 sonication was found to have a pronounced effect on the nanoparticle dispersion as characterized via SIC and thermal characterization, the impact of Stage 2 sonication on the level of nanoparticle dispersion was much smaller. Such results demonstrate the utility of characterization of the shear‐induced crystallization behavior as a means to analyze nanoparticle dispersion in semicrystalline polymer nanocomposites. © 2016 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 44681.