Substrate materials for printed circuit boards must meet ever-increasing requirements to keep up with electronics technology development. Especially in the field of high-frequency applications such as radar and cellular broadcasting, low permittivity and the dielectric loss factor are key material parameters. In this work, the dielectric properties of a high-temperature, thermoplastic PEEK/PEI blend system are investigated at frequencies of 5 and 10 GHz under dried and ambient conditions. This material blend, modified with a suitable filler system, is capable of being used in the laser direct structuring (LDS) process. It is revealed that the degree of crystallinity of neat PEEK has a notable influence on the dielectric properties, as well as the PEEK phase structure in the blend system developed through annealing. This phenomenon can in turn be exploited to minimize permittivity values at 30 to 40 wt.-% PEI in the blend, even taking into account the water uptake present in thermoplastics. The dielectric loss follows a linear mixing rule over the blend range, which proved to be true also for PEEK/PEI LDS compounds.