I am afraid not...
Although surely phosphates are an excellent fertilizer, it is too expensive to use algae (or even any other vegetable) to purify waste water.
The problem is not "what" (phosphates, in this case): the problem is "where" (diluted in waste water).
However, curiously enough, as far as I know in Europe phosphates are banned in laundry detergents (and in washing up detergents) but are allowed in dishwasher detergents.