We investigate the magnetorheological (MR) properties of suspensions containing iron microwires with 260 nm diameter and two distinct length distributions of 5.4 ± 5.2 µm and 7.6 ± 5.1 µm suspended in silicone oil (0.45 Pa s). The rheological properties of these fluids were determined using a parallel plate rheometer equipped with a variable strength electromagnet. The shear stress was measured as a function of shear rate for increasing applied magnetic fields. These results were modeled using the Bingham-plastic constitutive model to determine the apparent yield stress and viscosity as a function of increasing volume fraction and length of microwires. At a saturated magnetic flux density, the yield stress using the 5.4 µm microwires was found to be 0.65, 2.23, and 4.76 kPa for the 2, 4, and 6 vol% suspensions, respectively. For the 7.6 µm wires, the yield stress increases to 8.2 kPa for the 6 vol% suspension. Compared with conventional MR fluids employing spherical particles, the degree of settling is markedly decreased in the microwire-based fluids. At 6 vol%, conventional fluids display appreciable settling whereas the microwire-based fluids display no discernable settling. Moreover, the rod-shaped microwires are shown to increase the yield stress of the fluids and enhance the MR performance.