This article aims to study the influences of the selective location of rice husk ash (RHA) particles on morphological, mechanical, and dynamic properties of epoxidized natural rubber and thermoplastic polyurethane blends (ENR/TPU). Thermodynamic aspects, that is, interfacial tension and work of adhesion were assessed from estimates based on surface tension. It was found that the RHA particles had stronger interactions with the ENR than the TPU, of the co‐continuous phases. The phase structure was mainly controlled by kinetic factors, particularly by the mixing sequence, and to a lesser degree by thermodynamics. Furthermore, the microstructure with RHA particles dispersed in the ENR co‐continuous phase was found to give enhanced mechanical properties. This might be attributed to the higher work of adhesion between ENR and RHA that stabilized the encapsulated RHA particles against shear and elongational stresses, during melt mixing and in the final products. © 2018 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 46681.