Conduction noise attenuation by composite sheets of high magnetic and dielectric loss has been analyzed by using electromagnetic field simulator which employs finite element method. The simulation model consists of microstrip line with planar input/output ports and noise absorbers (magnetic composite sheets containing iron flake particles as absorbent fillers). Reflection and transmission parameters $(S_{11};and;S_{21})$ and power loss are calculated as a function of frequency with variation of sheet size and thickness. The simulated value is in good agreement with measured one and it is demonstrated that the proposed simulation technique can be effectively used in the design and characterization of noise absorbing materials in the RF transmission lines.