A unidirectional phase modulator consisting of tandem phase modulators is studied in detail for use as an integral part of an integrated optical isolator. The effects of non-linearity and residual amplitude modulation in the modulators, as well as the effect of the RF driving signals are captured in a phenomenological model for the first time. The model has been verified experimentally using a device realized in a generic InP based photonic integration platform and is used to study the operating range of the device. Design parameters of the modulator are derived such that modulation side bands in the forward propagating light are less than 40 dB, while isolation is maximized.