Well, you could use a small knife/scraper/chisel and scrape some off of the back side of the wheel and attempt to set the scrapings on fire - if they burn with a nice white hot flame you have magnesium. If nothing happens then you don't have magnesium. I'd probably do this with a small propane torch to insure ignition, although magnesium ribbon and thin wire will light with a match.
Color should be a tell tale too, the magnesium will typically have a dull greyish color while aluminum will be somewhat shinier provided neither are painted or colored.