With the recent advent of smart wearable sensors for monitoring brain activities in real-time, the scopes for using Electroencephalograms (EEGs) and Magnetoencephalography (MEG) in mobile and dynamic environments have become more relevant. However, their application in dynamic and open environments, typical of mobile wearable use, poses challenges. Presently, there is limited clinical data on using EEG/MEG as wearables. To advance these technologies at a time when large-scale clinical trials are not feasible, many researchers have turned to realistic phantom heads to further explore EEG and MEG capabilities. However, to achieve translational results, such phantom heads should have matching geometric features and electrical properties. Here, we have designed and fabricated multilayer chopped carbon fiber–PDMS reinforced composites to represent phantom head tissues. Two types of phantom layers are fabricated, namely seven-layer and four-layer systems with a goal to achieve matching electrical conductivities in each layer. Desired electrical conductivities are obtained by varying the weight fraction of the carbon fibers in PDMS. Then, the prototype system was calibrated and tested with a 32-electrode EEG cap. The test results demonstrated that the phantom effectively generates a variety of scalp potential patterns, achieved through a finite number of internal dipole generators within the phantom sample. This innovative design holds potential as a valuable test platform for assessing wearable EEG technology as well as developing an EEG analysis process.