Immiscible polymer blends display a complex flow behavior caused by the coupling between morphology and rheology. The flow induced microstructure has been studied on model systems of nearly inelastic polymers. For these systems, the elastic properties of the blend are mainly governed by the interface. Measurements of the storage modulus and of the first normal stress difference, both reflecting this enhanced elasticity, have been used to probe the blend morphology. From oscillatory measurements after cessation of flow the mean diameter of the disperse phase, as generated by the previous flow, has been calculated using the model of Palierne [Rheol. Acta29, 204 (1990)]. A procedure based on a direct fitting of the dynamic moduli with the model is compared with one that uses a weighted relaxation spectrum. The steady state normal stress data, on the other hand, have been related to the morphology of the blend by means of the model of Doi and Ohta [J. Chem. Phys.95, 1242 (1991)]. Since this model predicts a direct proportionality between the contribution of the interface to the normal stress and the specific interfacial area, the size of the droplets can be calculated once the proportionality constant is known. The conditions for which the model is valid have been determined and the required constant is obtained by comparing the results with those from the dynamic moduli. The resulting droplet sizes have been used to develop a data reduction scheme: The specific interfacial area is found to be inversely proportional to the ratio of interfacial tension over shear stress for several blends with various concentrations and viscosity ratios.