We present here, a detailed photophysical and rotational relaxation dynamical study of three structurally analogous cationic dyes, namely, phenosafranin (PSF), safranin-T (ST), and safranin-O (SO), carried out in well characterized, monodispersed biomimicking anionic reverse micellar nanocavities composed of sodium bis(2-ethylhexyl)sulfosuccinate (AOT)/heptane with increasing water contents. The dyes belong to the phenazinium family and they differ in terms of methyl substitution on the planar phenazinium skeleton. The objective of the present study is to investigate the modification in the photophysical and dynamical behavior of the dyes with the change in the size of the water pool of the reverse micelle and thereby to explore the role of methyl substitution. Steady state and time resolved emission and anisotropy studies have been exploited for the purpose. The dyes are found to exhibit a marked decrease in the fluorescence anisotropy with increasing water/surfactant mole ratio (w), i.e., the water pool size in the reverse micellar core, implying that overall motional restriction experienced by the molecules are decreased with increasing hydration. Some of the depth dependent fluorescence parameters such as fluorescence maximum, fluorescence anisotropy (r) have been monitored for exploring the microenvironment around the probes in the reverse micelles. Fluorescence studies suggest that at low w values, the probes do not penetrate into the reverse micellar core; rather it binds at the interfacial region. Estimates of the micropolarity at the binding sites of the probe molecule have been determined as a function of w. Finally, dynamic studies reveal that both the lifetime and rotational relaxation time decrease with an increase in w for all the three probes, the extent of the decrease being more for PSF than ST and SO. This indicates a stronger binding of the reverse micelle with ST and SO compared to that with PSF which is rationalized in terms of an increase in the hydrophobicity of the former two dyes because of the methyl substitution on the phenazinium moiety.