This study investigates the feasibility of characterizing the microstructures within a biological tissue by analyzing the frequency spectrum of the photoacoustic signal from the tissue. Hypotheses are derived from theoretical analyses on the relationships between the dimensions/concentrations of the photoacoustic sources within the region-of-interest and the linear model fitted to the power spectra of photoacoustic signals. The hypotheses are validated, following the procedures of ultrasound spectrum analysis, by simulations and experiments with phantoms fabricated by embedding the polyethylene microspheres in porcine gelatin, indicating that photoacoustic spectrum analysis could be a potential tool for characterizing microstructures in biological samples.