In this study we introduce an elastic composite, which has been manufactured using a fine carbonyl iron powder coated with a polymeric dielectric shell and dispersed in a silicone elastomer in a way as it is typically done manufacturing magnetorheological elastomers. Due to the used filler such a material possesses the capability of exhibiting magneto- and electrorheological effects. Our experiments have shown that the application of the magnetic field to the composite results in the magnetorheological effect, which becomes stronger in the case of the additional application of an electric field.