Scattering property of Intralipid is widely used for calibration and simulation of turbid media, especially biological tissues, in optical spectroscopic studies. The desired phantom turbidity level matching that of target tissue scattering properties is vital in the right preparation of phantoms mimicking the tissue. A simplified two fiber oblique illumination-collection geometry setup is used along with iterative inverse Monte Carlo simulations on the diffuse reflectance obtained experimentally for estimating the reduced scattering coefficient (μś) of Intralipid-20% for wavelengths ranging from 500 nm to 880 nm. Basic Monte Carlo for Multi Layered media (MCML) code is modified to incorporate the two fiber inverse model of diffuse reflectance with oblique broadband illumination and perpendicular collection of diffusively reflected light from the sample. Wavelength dependent true phase function of Intralipid is incorporated in the model and a semi-empirical concentration scaling methodology is used to obtain volume concentration dependence on the μś. In the inverse modelling, the modified Twersky equation for correlated scattering has been used to obtain the μś profile of Intralipid-20% for its volume concentration ranging from 16% to 100%. The results are shown to be in good agreement with the optical characterization studies of Intralipid-20% involving bulkier instrumentation for the wavelength range under consideration. The study presented in this paper gives an insight for an in vivo fiber based methodology for quantifying the variation of optical scattering during tissue malignancy.