This paper presents a novel approach for the characterization of microwave properties of carbon-based nanopowders, decorated or not with magnetic nanoparticles. Their microwave parameters, dielectric constant, electrical conductivity, and complex magnetic permeability are extracted from measurements performed using a single transmission line acting as a test cell. Two geometries of transmission line were tested, and successful results were obtained with each one of them. The measurement results are assessed by a phenomenological model enabling to fit the measurement of the dielectric constant and conductivity, providing an insight on the compacity quality of the powder sample. Also, the extraction of the permeability is validated by the detection of a ferromagnetic resonance showing a linear dependence on external DC magnetic field.