This paper reports a study undertaken to achieve a compatible and affordable technique for the high-quality dispersion of carbon nanotubes (CNTs) and graphene nanoplatelets (GNPs) in an aqueous suspension to be used in multifunctional cementitious composites. In this research work, two noncovalent surfactants with different dispersion mechanisms (Pluronic F-127 (nonionic) and sodium dodecylbenzene sulfonate (SDBS) (ionic)) were used. We evaluated the influences of various factors on the dispersion quality, such as the surfactant concentration, sonication time, and temperature using UV-visible spectroscopy, optical microscopic image analysis, zeta potentials, and particle size measurement. The effect of tributyl phosphate (TBP) used as an antifoam agent was also evaluated. The optimum suspensions of each surfactant were used to produce cementitious composites, and their mechanical, microstructural, electrical, and thermal behaviors were assessed and analyzed. The best dispersed CNT+GNP aqueous suspensions using Pluronic and SDBS were obtained for concentrations of 10% and 5%, respectively, with 3 hours of sonication, at 40°C, with TBP used for both surfactants. The results also demonstrate that cementitious composites reinforced with CNT+GNP/Pluronic showed better mechanical performance and microstructural characteristics due to the higher quality of the dispersion and the increasing hydration rate. Composites prepared with an SDBS suspension demonstrated lower electrical and thermal conductivities compared to those of the Pluronic suspension due to changes in the intrinsic properties of CNTs and GNPs by the SDBS dispersion mechanism.