The biaxial and modified biaxial Iosipescu shear test methods were applied to determine the shear dominated, biaxial mechanical response of graphite/PMR-15 and graphite/Avimid-R woven fabric composites at room and elevated temperatures. Three different composite architectures were examined: T650-35 warp-aligned, 8-harness satin (8HS) fabric in a PMR-15 matrix, T650-35 warp-aligned, 8HS fabric in an Avimid-R matrix and T650-35 0°/90°, 8HS fabric in an Avimid-R matrix. Several biaxial Iosipescu tests were performed at room temperature under shear, shear-tension, and shear-compression loading conditions to characterize damage and obtain biaxial, shear dominated failure properties. Shear tests were also conducted at elevated temperatures approaching 316 °C to determine the effects of temperature on the shear strengths of the composites investigated. A nonlinear finite element analysis is briefly introduced to evaluate the effects of specimen sliding and geometric nonlinearities on the stress and strain distributions in the biaxial Iosipescu specimens. In addition, the effects of different loading block geometries on the stress distribution in the Iosipescu specimens subjected to biaxial loads were also investigated. Within this investigation, it was found that graphite/Avimid-R was more resistant to biaxial, shear dominated failure at room temperature in comparison to graphite/PMR-15. However, the graphite/PMR-15 composite system exhibited better shear strength properties at elevated temperatures above 232 °C. It was also found that the effect of compression along the notch root axis generated by the loading blocks did not affect the loads at failure.