Field-induced static and dynamic yield stresses are explored for magnetorheological (MR) suspensions in an aging, yield stress matrix fluid composed of an aqueous dispersion of Laponite® clay. Using a custom-built magnetorheometry fixture, the MR response is studied for magnetic field strengths up to 1 T and magnetic particle concentrations up to 30 v%. The yield stress of the matrix fluid, which serves to inhibit sedimentation of dispersed carbonyl iron magnetic microparticles, is found to have a negligible effect on the field-induced static yield stress for sufficient applied fields, and good agreement is observed between field-induced static and dynamic yield stresses for all but the lowest field strengths and particle concentrations. These results, which generally imply a dominance of inter-particle dipolar interactions over the matrix fluid yield stress, are analyzed by considering a dimensionless magnetic yield parameter that quantifies the balance of stresses on particles. By characterizing the applied magnetic field in terms of the average particle magnetization, a rheological master curve is generated for the field-induced static yield stress that indicates a concentration–magnetization superposition. The results presented herein will provide guidance to formulators of MR fluids and designers of MR devices who require a field-induced static yield stress and a dispersion that is essentially indefinitely stable to sedimentation.