Retrieving the equivalent electromagnetic parameters (permittivity and permeability) plays an important role
in the research and application of metamaterials. Frequency dispersion of magnetic permeability has been
theoretically predicted in a metamaterial composed of cut wire pairs (CWP) separated by dielectric substrate on the basis of circuit theory. Magnetic resonance resulting from antiparallel currents between the CWP is observed at the frequency of minimum reflection loss (corresponding to absorption peak) and effective resonator size can be determined. Having calculated the circuit parameters (inductance L, capacitance C) and resonance frequency from CWP dimension, the frequency dispersion of permeability of Lorentz like magnetic response can be predicted. The simulated resonance frequency and permeability spectra can be explained well on the basis of the circuit theory of an RLC resonator.