Multiparameter quantitative imaging offers the possibility to combine anatomical, functional, and/or behavioral biomarkers to characterize tissue, detect disease, identify phenotypes, define longitudinal change, or predict outcome with greater clinical utility than single quantitative imaging biomarkers (QIBs). RSNA’s Quantitative Imaging Biomarker Alliance (QIBA) is exploring a series of use cases for multiparameter quantitative imaging, including a multi-dimensional descriptor, phenotype classification, and risk prediction. Here we outline approach and statistical methodology for the development of a phenotype classification task from a set of multiparametric QIBs. We summarize the diagnostic accuracy and interchangeability claims that are supportable for multiclass phenotype classification. We discuss various approaches to model development and present options for statistical methodology that can be used in validation of the developed model. This work is part of the broader QIBA effort to describe common technical performance characteristics and their metrics, providing a structure for the development, estimation, and testing of multiparameter quantitative imaging.