Magnetically modulated microwave absorption (MMMA), magnetic hysteresis M(H), giant magnetoresistance (GMR) and ferromagnetic resonance (FMR) have been examined in the antiferromagnetically coupled Py/Cu (Py = Ni83Fet7, permalloy) multilayer system. The correlation between results obtained by the MMMA technique, the standard GMR measurements, and magnetization reversal studies is shown. Microwave studies of GMR, magnetization reversal, and FMR for different orientations of the magnetic field with respect to the sample surface are presented.