We develop an effective field theory to understand collective modes of a three-dimensional twocomponent Fermi superfluid with dipolar inter-particle interactions, which are modeled by an idealized separable potential. We first examine the phase transition of the system at zero temperature, as the fermionic superfluidity is known to be characterized by two competing order parameters. We find that for strong interactions there exists a regime where the two order parameters are out-of-phase and coupled, giving rise to an undamped massive Leggett mode. This is in addition to the wellknown gapless phonon mode. We show that the Leggett mode can be seen in the spectral function of the in-medium Cooper pairs, and in principle could be measured through Bragg spectroscopy.