The fact that single dielectric loss materials have disadvantages of excessive conductivities and impedance mismatches has given rise to a large effort to develop effective strategies to fabricate electromagnetic wave (EMW) absorbing materials comprised of components that bring about a balance between dielectric loss and magnetic loss. Moreover, little is known about the essential features that regulate EMW absorption propensities. This study focused on the development of a new EMW absorbing material and gaining information about factors that govern EMW absorption abilities. The materials at the center of the effort are light weight and porous cobalt sulfonated phthalocyanine-reduced graphene oxide (CoSPc-rGO) aerogels that were synthesized by using a simple hydrothermal method followed by freeze-drying. The properties of these materials that contribute to the electromagnetic balance between dielectric and magnetic loss were elucidated by first formulating a reasonable hypothesis about how the relative orientation of the components in CoSPc-rGO govern p-conjugation and electron transfer from rGO to CoSPc, which is proposed to be a key factor contributing to the regulation of the electromagnetic balance. Polarization relaxation process of materials was analyzed in detail using a variety of approaches including theoretical calculation, spectroscopic measurements, and experimental and simulation studies. The fabricated CoSPc-rGO aerogels that contain an ultra-low content of 4 % were found to exhibit an extraordinary microwave absorption performance associated with a strong reflection loss of -53.23 dB and a broad effective absorption bandwidth of 8.04 GHz. The results of this study should provide an effective guide for new designs of composite materials for EMW absorption.