SmCo5 magnets are usually produced by powder metallurgy route, including milling, compaction and orientation under magnetic field, sintering and heat treatment. The samples produced by powder metallurgy, with grain size around 10 μm, are ideal for determination of intrinsic parameters. The first step for determination of intrinsic magnetic parameters is obtaining images of domain structure in demagnetized samples. In the present study, the domain images were produced by means of Kerr effect, in a optical microscope. After the test of several etchings, Nital appears as the most appropriate for observation of magnetic domains by Kerr effect. Applying Stereology and Domain Theory, several intrinsic parameters of SmCo5 phase were determined: domain wall energy 120 erg/cm2, critical diameter for single domain particle size 2 μm and domain wall thickness 60 Å. In the case of SmCo5, and also other phases with high magnetocrystalline anisotropy, Domain Theory presents several advantages when compared with Micromagnetics.