We report a method for characterization of the efficiency of radio-frequency (rf) heating of nanoparticles (NPs) suspended in an aqueous medium. Measurements were carried out for water suspended 5 nm superparamagnetic iron-oxide NPs with 30 nm dextran matrix for three different configurations of rf electric and magnetic fields. A 30 MHz high-Q resonator was designed to measure samples placed inside a parallel plate capacitor and solenoid coil with or without an rf electric field shield. All components of rf losses were analyzed and rf electric and magnetic field induced heating of NPs and the dispersion medium was determined and discussed.