In this paper, an iron–aluminide intermetallic compound with cerium addition was subjected to Vickers microhardness testing. A full range of Vickers microhardness loadings was applied: 10, 25, 50, 100, 200, 300, 500, and 1000 g. Tests were conducted in two areas: 0.5 mm under the surface of the rolled specimen and in the center. The aim was to find the optimal loading range that gives the true material microhardness, also deemed load-independent hardness, HLIH. The results suggest that in the surface area, the reverse indentation size effect (RISE) occurred, similar to ceramics and brittle materials, while in the center, indentation size effect (ISE) behavior was obtained, more similar to metals. This clearly indicated an optimal microhardness of over 500 g in the surface region and over 100 g in the central region of the specimen. Load dependencies were quantitatively described by Meyer’s law, proportional specimen resistance (PSR), and the modified PSR model. The modified PSR model proved to be the most adequate.