Frequency domain photon migration (FDPM) measurements were employed to accurately quantify optical properties of both the suspending fluid and particles within dense polystyrene suspensions of 143- or 226-nm mean diameter at varying concentrations (5-30% by volume). The measured absorption coefficients varied linearly with particle volume fraction whereas the isotropic scattering coefficients varied nonlinearly in agreement with the prediction that utilizes the hard-sphere structure factor model. These results validate the interference approximation of light scattering to describe light propagation accurately within dense suspensions. Furthermore, owing to the accuracy of FDPM absorption measurements, the imaginary refractive indices for both particles and their suspending fluid were determined and were found to compare favorably with literature values.