The concentration and temperature dependences of the thermopower of composites containing Co nanoparticles embedded in the Al2O n dielectric matrix are investigated. Below the percolation threshold, i.e., in the tunneling conduction region, the absolute values of the thermopower of the composites under investigation are less than those above the percolation threshold. It is revealed that, in the tunneling conduction region, the slope of the temperature dependences of the thermopower changes at a temperature of ∼205 K. This can indicate that the thermopower is sensitive to a change in the mechanism of conduction from the Mott law ln(σ) ∝ (1/T)1/4 to a power relation that corresponds to the model of inelastic resonant tunneling through a chain of localized states in the dielectric matrix. The introduction of oxygen in the course of sputtering brings about a decrease in the absolute values of the thermopower; however, the character of variation in the concentration and temperature dependences of the thermopower remains unchanged.