The trailhead sits adjacent to the LSR Preserve Visitor Center, separated only by small sagebrush flat. Shortly after, keep right onto the Woodland Trail to run the loop counter-clockwise, the preferred direction to enjoy the best views. As you approach the lake, keep right on Phelps Lake Trail to continue around eastern shore of the lake.

For those looking for a shorter run, you could take a left and return to the trailhead to the trailhead on the Lake Creek Trail.

While the approach to the lake requires some gradual climbing, the loop is relatively flat. At it's northernmost point, consider taking a short detour onto the Death Canyon Trail, keeping right at the junction. Just a few minutes up the trail, you'll reach a high point where you'll be rewarded with a commanding view of the entire lake from above.

According to this local resource, "While the entire loop around Phelps Lake features a variety of wildflowers, the west side of the lake will have far more as the season progresses. Depending on your timing, hikers may see fireweed, showy goldeneye, western coneflower, asters, Columbia monkshood, common yarrow and helianthella, among many other varieties." Runners can also expect an array of wildlife, including bears, moose, squirrel, coyote, and even osprey.

Sources: http://www.tetonhikingtrails.com/phelps-lake-loop.htm https://en.wikipedia.org/wiki/PhelpsLake(Wyoming)