Herein, we report the development of soft polymeric composites containing multiwall carbon nanotubes (MWNTs, 1–3 wt%) and graphene derivatives doped with nickel ferrite nanoparticles (rGO@NF, 10 wt%) as lightweight microwave absorbers. The soft nanocomposites were designed using melt‐mixed blends of varying compositions of PC (polycarbonate) and SAN (poly styrene acrylonitrile) by compartmentalized functional nanoparticles in one of the components of the blend (here PC). Maximum attenuation of the incoming electromagnetic (EM) radiation mainly through absorption was achieved. The hetero‐dielectric media at microscopic length scale in the PC component provided large interfaces which facilitated multiple scattering thereby attenuating the incoming EM radiation. This strategy of positioning the functional nanoparticles in one of the components in the blends resulted in significantly enhanced shielding effectiveness (SE), at any given concentration of MWNTs, in contrast to PC based composites. This enhancement in SE was realized in the special morphology of the bicomponent PC/SAN=60/40 wt% blends where both the components are continuous. The enhanced SE in co‐continuous blends is due to combined effect of enhanced electrical conductivity (more precisely due to interconnected network of the nanoparticles) and the presence of a hetero‐dielectric media generating large scattering interfaces. For instance, the PC/SAN (60/40 wt%) co‐continuous blend containing 3 wt% MWNTs and 10 wt% rGO@NF manifested in a total shielding effectiveness (SET) of −32.3 dB (i. e. more than 99.9 % attenuation of incoming EM radiation) mainly through absorption.