The developed nanocomposite exhibits significantly enhanced shielding performance due to the synergistic effect of high dielectric and magnetic loss materials, which modifies the material's impedance and improves its absorption ability. Different weight percentages (0, 1, 5, 10, 15, 20, and 25 wt %) of thermally treated chemically reduced graphene oxide (TCRGO) were combined with two types of magnets, barium hexaferrite (BF) and magnetite (MAG), using a dry powder compaction technique to produce binary ceramic nanocomposite sheets. The shielding performance of a 1 mm thick compressed nanoceramic sheet over the X-band was evaluated using a vector network analyzer. The 25% TCRGO showed high shielding performance for both BF and MAG, while BF had a total shielding efficiency (SET) that exceeded MAG by 130%. The SET of 25 wt % TCRGO/BF was 52 dB, with a 41 dB absorption shielding efficiency (SEA). Additionally, the effect of different levels of incident electromagnetic wave power (0.001−1000 mW) at various thicknesses (1, 2, and 5 mm) was explored. At 1000 mW, the 5 mm TCRGO/BF had an SET of 99 dB, an SEA of 91 dB, and a reflection shielding efficiency (SER) of 8 dB. The use of BF as a hard magnet paired with TCRGO exhibited excellent and stable electromagnetic shielding performance.