We generalize some earlier results on a Berezin-Toeplitz type of quantization on Hilbert spaces built over certain matrix domains. In the present, wider setting, the theory could be applied to systems possessing several kinematic and internal degrees of freedom. Our analysis leads to an identification of those observables, in this general context, which admit a semi-classical limit and those for which no such limit exists. It turns out that the latter class of observables involves the internal degrees of freedom in an intrinsic way. Mathematically, the theory, being a generalization of the standard Berezin-Toeplitz quantization, points the way to applying such a quantization technique to possibly noncommutative spaces, to the extent that points in phase space are now replaced by N×N matrices.