We present a detailed theoretical and numerical study discussing the application and optimization of phase estimation algorithms (PEAs) to diamond spin magnetometry. We compare standard Ramsey magnetometry, the non-adaptive PEA (NAPEA) and quantum PEA (QPEA) incorporating error-checking. Our results show that the NAPEA requires lower measurement fidelity, has better dynamic range, and greater consistency in sensitivity. We elucidate the importance of dynamic range to Ramsey magnetic imaging with diamond spins, and introduce the application of PEAs to time-dependent magnetometry.