The two characteristic relaxation frequencies at which either the Maxwell-Wagner or the double layer polarization mechanism prevails have been defined in terms of characteristic parameters for colloidal suspensions subjected to an oscillating electric field. Both frequencies are found to increase with increasing ion diffusion coefficient, with decreasing particle radius, and with increasing salinity. For both thin and thick double layers, these frequencies appear to be invariant at low zeta potential (zeta) values. Correlations are developed between these characteristic relaxation frequencies and the colloid suspension parameters. The correlations constants appear to be related to the Boltzman constant, temperature, and electrostatic charge. These correlations can be useful for estimating particle size and counterion diffusion coefficient and can be used in developing dielectric dispersion models for colloid particles suspensions and for porous media. A rigorous dispersion model has been inverted to reciprocate simultaneously the average zeta potential (zeta), particle size, and particle volume fraction of the dispersed material from dielectric permittivity data at three distinct frequencies, Relaxation of colloidal suspensions appears to be an adequate alternative for quantifying these parameters as opposed to using intricate measurements of electrophoretic mobility.