A three-dimensional (3-D) magnetic property measurement system, which can control the three components of the magnetic flux density B vector and measure the magnetic field strength H vector in a cubic sample of soft magnetic material, has been developed and calibrated. This paper studies the relationship between the B and H loci in 3-D space, and the power losses features of a soft magnetic composite when the B loci are controlled to be circles with increasing magnitudes and ellipses evolving from a straight line to circle in three orthogonal planes. It is found that the B and H loci lie in the same magnetization plane, but the H loci and power losses strongly depend on the orientation, position, and process of magnetization. On the other hand, the H vector evolves into a unique locus, and the power loss approaches a unique value, respectively, when the B vector evolves into the round locus with the same magnitude from either a series of circles or ellipses.