Stainless steel 304L alloy powder and multiwalled carbon nanotubes were mixed by ball-milling under ambient atmosphere and in a broad range of milling times, which spans from 0 to 120 min. Here, we provided spectroscopic signatures for several distinct composites produced, to show that the Raman spectra present interesting splittings of the D-band feature into two main sub-bands, D-left and D-right, together with several other secondary features. The G-band feature also presents multiple splittings that are related to the outer and inner diameter distributions intrinsic to the multiwalled carbon nanotube samples. A discussion about the second order 2D-band (also known as G′-band) is also provided. The results reveal that the multiple spectral features observed in the D-band are related to an increased chemical functionalization. A lower content of amorphous carbon at 60 and 90 min of milling time is verified and the G-band frequencies associated to the tubes in the outer diameters distribution is upshifted, which suggests that doping induced by strain is taking place in the milled samples. The results indicate that Raman spectroscopy can be a powerful tool for a fast and non-destructive characterization of carbon nanocomposites used in powder metallurgy manufacturing processes.