A theoretical formalism to predict the structure factors observed in dipolar soft-sphere fluids based on a virial expansion of the radial distribution function is presented. The theory is able to account for cases with and without externally applied magnetic fields. A thorough comparison of the theoretical results to molecular-dynamics simulations shows a good agreement between theory and numerical simulations when the fraction of particles involved in clustering is low; i.e., the dipolar coupling parameter is lambda less, similar 2, and the volume fraction is phi less, similar 0.25. When magnetic fields are applied to the system, special attention is paid to the study of the anisotropy of the structure factor. The theory reasonably accounts for the structure factors when the Langevin parameter is smaller than 5.