The paper shows the applicability of data on the evolution of the elastic modulus measured by the instrumented microindentation technique to the determination of accumulated damage in metal matrix composites (MMCs) under high temperature deformation. A composite with a V95 aluminum alloy matrix (the Russian equivalent of the 7075 alloy) and SiC reinforcing particles is used as the research material. The metal matrix composite was produced by powder technology. The obtained results show that, under macroscopic compression at temperatures ranging between 300 and 500 °C, the V95\10% SiC MMC has the best plasticity at 300 °C. At a deformation temperature of 500 °C, the plastic properties are significantly lower than those at 300 and 400 °C.