Just a short mixed quantum state representation question. Given a single qubit density matrix $\rho$, since the Pauli matrices form a basis for 2x2 complex matrices, the Bloch sphere representation can be given as
$$\rho = I + \vec{r} \cdot \vec{\sigma},$$
where $\vec{r} = (r_x,r_y,r_z)$ and $|\vec{r}| \leq 1$. To generalize this to multiple qubits for some density matrix $\rho$, it seems like a crude way would be to consider the reduced density matrix for each qubit and then average the $r_{x}, r_{y}, r_{z}$ to produce a Bloch sphere representation.
Question: Firstly am I correct in stating that $r_{x}, r_{y}, r_{z}$ coefficients are respectively the expectation values of the observables $\hat{x}, \hat{y}, \hat{z}$? Lastly, is there merit to the crude suggestion or is there a more standard/useful suggestion regarding similar type representations of multi-qubit mixed density matrices?