In this work, we present a simple method for the direct retrieval of the effective
permittivity and permeability of a bulk semi-infinite metamaterial from variable-angle spectroscopic ellipsometry measurements. Starting from the well-known Fresnel equations, we derive an analytical expression in which unknown coefficients are fitted to the experimental data using a linear regression model. The effective permittivity and permeability are then determined by solving a simple system and the correct solution is selected based on physical criteria. As an example, the method is applied to the case of a self-assembled metamaterial exhibiting strong isotropic optical magnetism.