We propose and objectively evaluate an inverse Monte Carlo model for estimation of absorption and reduced scattering coefficients and similarity parameter from spatially resolved reflectance (SRR) profiles in the subdiffusive regime. The similarity parameter carries additional information on the phase function that governs the angular properties of scattering in turbid media. The SRR profiles at five source-detector separations were acquired with an optical fiber probe. The inverse Monte Carlo model was based on a cost function that enabled robust estimation of optical properties from a few SRR measurements without a priori knowledge about spectral dependencies of the optical properties. Validation of the inverse Monte Carlo model was performed on synthetic datasets and measured SRR profiles of turbid phantoms comprising molecular dye and polystyrene microspheres. We observed that the additional similarity parameter substantially reduced the reflectance variability arising from the phase function properties and significantly improved the accuracy of the inverse Monte Carlo model. However, the observed improvement of the extended inverse Monte Carlo model was limited to reduced scattering coefficients exceeding , where the relative root-mean-square errors of the estimated optical properties were well within 10%.