A method may include modeling a bulk electromagnetic (EM) characteristic of a composite material including a fracturing fluid, a proppant, and a sensing additive. The method may further include generating a modeled propped fracture pattern for a subterranean formation having the composite material injected therein, and generating a three dimensional (3D) arrangement of cells based upon the bulk EM characteristic and the modeled propped fracture pattern using an effective medium theory (EMT) model, with each cell having a modeled localized EM characteristic associated therewith. The method may also include injecting the composite material into the subterranean formation to cause an actual propped fracture pattern, collecting EM data based upon the sensing additive within the actual propped fracture pattern, and determining a respective actual EM characteristic for each cell based upon the modeled localized EM characteristics and the collected EM data.