Linear viscoelastic dynamic moduli of two‐phase polymer blends in the molten state have been measured as a function of frequency in a conicylinder rheometer. The polymer blends are characterized by high values of the storage modulus at low frequencies and by long relaxation times. The model developed by Choi and Schowalter for semidilute emulsions of Newtonian liquids has been used to account for the variations of dynamic moduli in the terminal zone. In this frequency range, the rheological behavior is directly related to a few physically significant parameters such as zero‐shear viscosity of phases, dispersed particle size, and interfacial tension between phases. The experimental results obtained for the polydimethylsiloxane‐polyoxyethylene blends show that the variation of matrix viscosity and volume fraction of inclusions is in accordance with the semidilute emulsion law.