Axial suspension plasma spraying (ASPS) is an advanced thermal spraying technique, which enables the creation of specific microstructures in thermal barrier coatings (TBCs) used for gas turbine applications. However, the widely varying dimensional scale of pores, ranging from a few nanometers to a few tenths of micrometers, makes it difficult to experimentally measure and analyze porosity in SPS coatings and correlate it with thermal conductivity or other functional characteristics of the TBCs. In this work, an image analysis technique carried out at two distinct magnifications, i.e., low (500×) and high (10,000×), was adopted to analyze the wide range of porosity. Isothermal heat treatment of five different coatings was performed at 1150 • C for 200 h under a controlled atmosphere. Significant microstructural changes, such as inter-columnar spacing widening or coalescence of pores (pore coarsening), closure or densification of pores (sintering) and crystallite size growth, were noticed in all the coatings. The noted changes in thermal conductivity of the coatings following isothermal heat treatment are attributable to sintering, crystallite size growth and pore coarsening.