Inference-time search over multi-agent systems (MAS) wastes compute when it cannot identify which agent's intermediate message advanced progress. We present the Multi-Agent System Process Reward Model (MASPRM), which scores routed transcripts (ordered sequences of messages between agents) and acts as an inference controller for step-level beam search (SBS) and Monte Carlo Tree Search (MCTS). MASPRM is trained from multi-agent MCTS rollouts labeled only with terminal outcome rewards, without human step-level annotations. We evaluate on GSM8K, MATH, MMLU, and LogiQA. Under matched scorer size and comparable MCTS budget, MASPRM exceeds a size-matched ORM by $+2.0$ to $+3.0$ points at 1.5B and $+4.1$ to $+14.5$ at 7B across all four benchmarks, with additional scorer-scaling gains over policy likelihood at 7B (avg $+13.4$ under MCTS). MASPRM also improves ranking quality, reducing Hit@1 to Hit@5 gaps by up to $10.3$ points, with the largest gains under stepwise search that uses intermediate decisions. Code: https://github.com/milad1378yz/MASPRM

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