Polyurethane/carbon nanotube (PUR/CNTs) composites are much more functional than pure polyurethanes. High intensity ultrasonic agitation was applied while preparing a mixture of multiwall carbon nanotubes and a monomer. The monomer/MWNT complexes were used to prepare PUR/CNTs nanocomposites. This paper describes the application of quantitative image analysis to characterise the microstructure of the monomer and segmented polyurethane with carbon nanotubes (CNTs). Stereological parameters chosen for analysis were used to evaluate the CNTs' dispersion in the monomer complex and the degree of matrix phase separation in the nanocomposites examined. The nanoparticles induced changes in the structure of the hard and soft domains in the polyurethane matrix and influenced thermal and mechanical properties of the material. Due to the introduction of the nanotubes in the polyurethane matrix, the physical size and glass transition temperature of hard domains increased while the tensile strength and storage modulus decreased.