Magnetic materials where at least one dimension is in the nanometer scale typically exhibit different magnetic, magnetotransport, and magnetooptical properties compared to bulk materials. Composite magnetic thin films where the matrix composition, magnetic cluster size, and overall composite film thickness can be experimentally tailored via adequate processing or growth parameters offer a viable nanoscale platform to investigate possible correlations between nonlinear magnetooptical and magnetotransport properties, since both types of properties are sensitive to the local magnetization landscape. It has been shown that the local magnetization contrast affects the nonlinear magnetooptical properties as well as the magnetotransport properties in magnetic-metal/nonmagnetic metal multilayers; thus, nanocomposite films showcase another path to investigate possible correlations between these distinct properties which may prove useful for sensing applications.