On rational orbits in some prehomogeneous vector spaces

Let $k$ be a field with characteristic different from $2$. In this paper, we describe the $k$-rational orbit spaces in some irreducible prehomogeneous vector spaces $(G,V)$ over $k$, where $G$ is a connected reductive algebraic group defined over $k$ and $V$ is an irreducible rational representation of $G$ with a Zariski dense open orbit. We parametrize all composition algebras over the field $k$ in terms of the orbits in some of these representations. This leads to a parametric description of the reduced Freudenthal algebras of dimensions $6$ and $9$ over $k$ (if $\text{char}(k)\neq 2,3$). We also get a parametrization for the involutions of the second kind defined on a central division $K$-algebra $B$ with center $K$, a quadratic extension of the underlying field $k$.