Thermoplastic vulcanizates are increasingly accepted as preferred alternatives to conventional rubber for flexible or elastic components in automotive and other applications. TPVs are phase separated polymer blends consisting of a thermoplastic and an elastomeric phase. The elastomeric phase is crosslinked and finely dispersed in the continuous thermoplastic phase. An important factor for the use of TPVs are their mechanical properties which are defined by their morphology. TPV components are often produced by injection molding. During injection molding high shear rates and large cooling gradients are present and lead to different orientation and dispersion phenomena along the flow path and across the thickness of the part. For these reasons an injection molded TPV component shows a heterogeneous microstructure after production, which results in strong anisotropic material properties. The phenomena of anisotropy are known in practical experience, however, the cause and relating influencing factors have not been sufficiently analyzed. The role of material composition and processing conditions on the heterogeneous microstructure of injection molded TPV components is therefore studied at the Institute of Plastics Processing (IKV). Important influencing factors are identified and evaluated by mechanical tests. Beside these macroscopic tests the resulting morphology (e.g. size, distribution and aspect ratio of the dispersed particles) is extensively characterized by various microscopic techniques at different locations across the sample thickness and along the flow path. Based on the correlations obtained a methodology is subsequently developed which allows to estimate the local anisotropy in injection molded TPV components within a process simulation.