The predictions of a nonequilibrium schematic mode-coupling theory developed to describe the nonlinear rheology of soft glassy materials have been numerically tested in a sheared binary Lennard-Jones mixture. In this Letter, we focus on the existence, behavior, and properties of an effective temperature T(eff) for the slow modes of the fluid, as defined from a generalized fluctuation-dissipation theorem. New, simple experimental protocols to access T(eff) are proposed, and one such experiment is numerically performed. Our results give strong support to the thermodynamic interpretation of T(eff) and make it experimentally accessible in a very direct way.