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Voltage unbalance in distribution networks (DN) is expected to grow with increasing penetration of single-phase distributed generation and single-phase loads such as electric vehicle chargers. Unbalance mitigation will be a significant concern as voltage unbalance leads to increased losses, reduced motor and inverter efficiency, and becomes a limiting factor for DN operation. The true definition of the unbalance metric needs phasor measurements of network voltage and current. However, such phasor measurements are generally not available in real life and as such approximate definitions are widely used due to their simplicity. This work aims to compare the true voltage unbalance definition and approximate unbalance metrics derived from phase voltage magnitude, as phase voltage magnitudes are commonly measured by digital metering infrastructure. For the comparison, multi-period power flow simulations are performed for 161 Spanish distribution feeders with R/X ratios varying from 2.87 to 14.68. We observe that phase magnitude-based unbalance metrics reasonably approximate the true unbalance for higher R/X ratios with a varying load power factor in a DN. Furthermore, the approximate unbalance metrics slightly improve for a low DN power factor due to the increase in DN unbalance. Therefore, the phase magnitude-based unbalance metric can be utilized for approximating DN unbalance.