An improved method for determining the absorption and scattering characteristics of a weakly absorbing substance containing bubbles is suggested. The identification procedure is based on a combination of directional-hemispherical measurements and predictions of the Mie scattering theory including approximate relations for a medium with polydisperse bubbles. A modified two-flux approximation is suggested for calculating directional-hemispherical transmittance and reflectance of refracting and scattering medium. The complete identification procedure gives not only the spectral radiative properties but also the volume fraction of bubbles and the characteristics of possible impurity of the medium.This procedure is used to obtain new data on near infrared properties of fused quartz samples containing bubbles.