In mass printing of specialist coatings on cellulose substrates, their thickness is an important factor influencing the usefulness of such coatings. The paper presented the results of testing the magnetic properties of a printing paint admixture with iron powder with a grain size <10 μm. Experimental studies were carried out on samples with three magnetic coating thicknesses: 0.2, 0.25, and 0.3, respectively. The obtained induction and magnetic field values were used to determine the relationship between the thickness of magnetic paint and its magnetic permeability. The obtained maximum values of μr were 10, 11.5, and 12.5 for samples with a thickness of 0.2, 0.25, and 0.3 mm, respectively. The value of magnetic permeability increased with the increase of coating thickness. The analysis of the properties of coatings has been supplemented with the mathematical description of the relationship between material parameters and hysteresis in magnetic materials. The proposed elliptical hysteresis approximation significantly facilitates a design and prediction of the properties of finished products. The analysis of the equivalent hysteresis angle δ showed almost linear dependence on the coating thickness. The proposed indicator (angle δ) allows a quick and simple way to verify the thickness of magnetic coatings on flexible diamagnetic substrates in production conditions.