Spatial attributes of room acoustics have been widely studied using microphone and loudspeaker arrays. However, systems that combine both arrays, referred to as multiple-input multiple-output (MIMO) systems, have only been studied to a limited degree in this context. These systems can potentially provide a powerful tool for room acoustics analysis due to the ability to simultaneously control both arrays. This paper offers a theoretical framework for the spatial analysis of enclosed sound fields using a MIMO system comprising spherical loudspeaker and microphone arrays. A system transfer function is formulated in matrix form for free-field conditions, and its properties are studied using tools from linear algebra. The system is shown to have unit-rank, regardless of the array types, and its singular vectors are related to the directions of arrival and radiation at the microphone and loudspeaker arrays, respectively. The formulation is then generalized to apply to rooms, using an image source method. In this case, the rank of the system is related to the number of significant reflections. The paper ends with simulation studies, which support the developed theory, and with an extensive reflection analysis of a room impulse response, using the platform of a MIMO system.