According to the Oxford English Dictionary, the correct spelling of the element is phosphorus. The word phosphorous is the adjectival form of the P3+ valence: so, just as sulfur forms sulfurous and sulfuric compounds, phosphorus forms phosphorous compounds (e.g., phosphorous acid) and P5+ valence phosphoric compounds (e.g., phosphoric acids and phosphates).
According to the Oxford English Dictionary the correct spelling of the element is phosphorus. The word phosphorous is the adjectival form of the P3+ valence: so, just as sulfur forms sulfurous and sulfuric compounds, phosphorus forms phosphorous compounds (e.g., phosphorous acid) and P5+ valence phosphoric compounds (e.g., phosphoric acids and phosphates).