The accurate description of a water body's volume scattering function (VSF), and hence its phase functions, is critical to the determination of the constituent inherent optical properties (IOPs), the associated spectral water-leaving reflectance, and consequently the retrieval of phytoplankton functional type (PFT) information. The equivalent algal populations (EAP) model has previously been evaluated for phytoplankton-dominated waters, and offers the ability to provide phytoplankton population-specific phase functions, unveiling a new opportunity to further understanding of the causality of the PFT signal. This study presents and evaluates the wavelength dependent, spectrally variable EAP particle phase functions and the subsequent effects on water-leaving reflectance. Comparisons are made with frequently used phase function approximations e.g. the Fournier Forand formulation, as well as with phase functions inferred from measured VSFs in coastal waters. Relative differences in shape and magnitude are quantified. Reflectance modelled with the EAP phase functions is then compared against measured reflectance data from phytoplankton-dominated waters. Further examples of modelled phytoplankton-dominated waters are discussed with reference to choice of phase function for two PFTs (eukaryote and prokaryote) across a range of biomass. Finally a demonstration of the sensitivity of reflectance due to the choice of phase function is presented. The EAP model phase functions account for both spectral and angular variability in phytoplankton backscattering i.e. they display variability which is both spectral and shape-related. It is concluded that phase functions modelled in this way are necessary for investigating the effects of assemblage variability on the ocean colour signal, and should be considered for model closure even in relatively low scattering conditions where phytoplankton dominate the IOPs.