The evolution of the microstructure and rheological properties of plate-like particle suspensions subjected to rapid simple shear is studied numerically. In response to the shear-induced strain, particles in the suspensions rearrange to form a steady-state microstructure, and the suspension viscosity reaches a steady value. Under this condition, the microstructure is composed of two domains having different particle fractions and particle orientations. In the matrix (particle-poor) and cluster (particle-rich) domains, the particles' long axes are oriented subparallel to the shear plane and normal to the maximum compressive principal direction, respectively. A higher particle concentration and friction coefficient enhance the development of cluster domains relative to matrix domains leading the intensity of the preferred particle orientation to decrease and the number of contacting particles, the aspect ratio of clusters, the inter-particle force, and the suspension viscosity to increase. The domain microstructure is governed by two factors: (1) geometric relations between the particle orientation and the maximum compressive axes and (2) the magnitude of particle-fluid and particle-particle interactions. The first factor results in the coupling of the particle orientation and the local fraction of particles, which is an important character of the domain microstructure. The second factor controls the relative development of the cluster and matrix domains through the change in the particles' rotational behavior. Our results suggest that the microstructure of plate-like suspensions subjected to rapid shear is predictable in terms of the cluster stability, which has important implications for the kinematics of flow-related microstructures in nature and manufacturing.