A transmission electron microscopy study involving direct and replicating techniques is directed to a definition of the microstructure of radio frequency-sputtered, thin lead-dielectric cermet films. Once defined, this microstructure is used to obtain theoretical film refractive indices. The Maxwell Garnet theory provides a basis for the theoretical results. Measurements of film transmission and reflectivity are used to obtain rough experimental values for film refractive indices by the Tekucheva method. More exact values are obtained via ellipsometry. The rough Tekucheva values are used to determine the range over which computer calculations interpreting the ellipsometric results must be made. This technique yields accurate values for the film refractive indices. The films are radio-frequency-sputtered from lead glass targets with varying amounts of lead attached to their faces. Three different targets are used, resulting in three sets of films, each containing a different percentage of lead. The lead content of the films is measured by microprobe analysis as well as visual inspection of micrographs. The lower content lead films are seen to consist of tiny balls of lead embedded in the dielectric, as are the intermediate lead content films; but the higher lead content films form metallic networks throughout the dielectric. The lower and intermediate lead content films have indices which agree with the predictions of the Maxwell Garnett theory; but the higher lead content films, whose structure fails to conform to the Maxwell Garnett configuration, have indices whose values diverge from the Maxwell Garnett predictions. It is thus shown that the theory of Maxwell Garnett is valid for thin cermet films whose structure consists of tiny metal balls embedded in a dielectric medium.