The ac electrical response is studied in thin films composed of well-defined nanometric Co particles embedded in an insulating ZrO2 matrix which tends to coat them, preventing the formation of aggregates. In the dielectric regime, ac transport originates from the competition between interparticle capacitive Cp and tunneling Rt channels, the latter being thermally assisted. This competition yields an absorption phenomenon at a characteristic frequency 1/(RtCp), which is observed in the range 1010 000 Hz. In this way, the effective ac properties mimic the universal response of disordered dielectric materials. Temperature and frequency determine the complexity and nature of the ac electrical paths, which have been successfully modeled by an Rt-Cp network.