The amount of ferrite present in austenitic or duplex stainless steels is called "FN" or Ferrite Number. For austenitic SS, a small amount of ferrite will decrease the tendency for hot cracking during solidification. Company specifications should have a required FN range in their welding specs. Too low of a number may indicate that there are hot cracks. Too high of a number may decrease the corrosion resistance, or the ferrite can convert to sigma at higher temperatures. Ferrite is magnetic whereas austenite is not.
Duplex SS nominally contains 50% ferrite/austenite, although the acceptable range for ferrite is much broader than exactly 50%.
There are several ways to measure the FN. As mentioned by Metalguy, you can use a Magne-Gage. I have used a Severn Gage and a Feritscope.