In this study, the metastable and stable solid <-> liquid phase transformations of the hypereutectic alloys Al-20Si-5Fe-2Ni (wt%) and Al-17Si-5Fe-3.5Cu-1.1Mg-0.6Zr in as-atomised powder and in as-hot-forged material have been investigated. Differential Scanning Calorimetry (DSC) measurements at high temperatures have been performed. The resultant products have been thoroughly analysed using Light Optical Microscopy (LOM), Scanning Electron Microscopy (SEM) and Energy Dispersive Spectroscopy (EDS) microanalysis. During solidification large Si, delta(Al4FeSi2), FeNiAl9, Al7Cu2Fe and Q(Cu2Mg8Si6Al5) are formed. A cooling rate of 5 degrees C/min and 1 degrees C/min is too high for the formation of the equilibrium phases beta(Al5FeSi) and Al7Cu2Fe. The understanding of the sequence of transformations is useful in order to define appropriate processing parameters for these alloys produced by powder metallurgy. The temperature at which the first liquid phase appears during heating at 5 degrees C/min is 559 degrees C for the Al-Si-Fe-Ni powder and 506 degrees C for the Al-Si-Fe-Cu-Mg-Zr powder.