We describe a technique to optically characterize superparamagnetism. Faraday rotation measurements are performed on a superparamagnetic nanocomposite using small alternating current magnetic fields. The superparamagnetism of the iron oxide nanoparticles causes signals at the uneven harmonics of the magnetic field frequency. These signals provide information on the magnetic moment of the superparamagnetic nanoparticles. Dia- and paramagnetism do not cause signals at higher harmonics, resulting in a high sensitivity to superparamagnetism, even in samples with large dia- or paramagnetic contributions. This technique provides a rapid, economical method to characterize superparamagnetism in composite samples not easily accessible by other techniques.