This article presents a method for detecting defects and assessing their size in soft magnetic composites (SMCs) based on magnetograms obtained from a magnetic field camera and a numerical analysis of the magnetic field around them. For the purpose of the experiment, toroidal samples of a metal−polymer composite were made, in which holes and gaps simulating defects were prepared. The magnetic camera allowed for registering the magnetic flux density image near the surface of the samples. As a result, magnetograms with information about the location and geometry of defects were obtained. A numerical analysis was used to investigate the influence of various factors, such as defect depth, its size and material permeability. Theoretical changes in magnetic field over defects stay in good agreement with measurements, which is a strong indication that surface field magnetograms can be useful in a quality assessment of the considered composites. The effectiveness and usefulness of the method in detecting surface and shallow subsurface defects in SMC materials was confirmed. The influence of a possible tangent component of the exciting field was demonstrated and discussed.