Microsurfacing asphalt mixtures are a preventive maintenance technology comprising the application of a slurry (produced with a modified asphalt emulsion), aggregate, filler, and water on top of an existing pavement at ambient temperature. Although it is a widely used technology, further studies on the mix design procedures are necessary to ensure an adequate composition. Thus, this study contributes to developing an improved mix design procedure for microsurfacing asphalt mixtures. Different mixtures were prepared, and the influence of the type and amount of asphalt emulsion and the amount of added water and filler (cement) on the characteristics of the mixture were evaluated. Two preliminary tests, referred to as the “pizza test” and the “ball test”, were proposed to determine the initial proportions of added water and cement in the mixture, respectively. Then, consistency, cohesion, and shaking abrasion tests were performed to determine the optimum content of each component and evaluate their influence on the mixture characteristics. The results showed that these tests are essential to optimize the mix composition, even though it was found that the mix design of microsurfacings is a complex task because the mixture is a system with chemical interactions strongly influenced by its composition.