In this paper the relationship between three-dimensional histomorphometric parameters derived from microCT and MRI images of distal radius trabecular bone samples is studied. microFE analysis of the trabecular samples is performed and Young's modulus for cranio-caudal direction is calculated. Most of the MRI and microCT parameters correlate significantly with, respectively, MRI and microCT estimates of bone volume fraction. For some of the parameters strong correlation between microCT and MRI results is also observed. However, in these cases there simultaneously exists correlation between: microCT parameter and microCT bone volume fraction; microCT and MRI bone volume fraction; MRI bone volume fraction and MRI parameter. It is found that, comparing to bone volume fraction, histomorphometric information derived from binarized MRI images does not improve estimation of the Young's modulus of trabecular bone samples (calculated for "gold standard" microCT data). Thus a novel method of "optimal paths" analysis of gray-level MRI images is introduced. "Optimal paths" parameters improve estimation of the Young's modulus of trabecular bone samples. They also provide surrogate, gray-level image-based measure of trabecular thickness.