The cartoon was canceled the same year as the release of The Phantom (1996) starring Billy Zane as The Phantom/Kit Walker.
Margot Kidder is famous for playing Lois Lane in Superman (1978) and Mark Hamill provided the voice of The Joker in Batman: The Animated Series (1992). Batman and Superman are both DC comic book heroes.
Segan's dog is named D.V.L., a reference to The Phantom's pet wolf from the comics, Devil. He makes an appearance in the second-season opening montage of previous Phantoms, along with the horse the car Hero is named after.
Maxwell Madison, Jr.'s pet cat Baudelaire is named after the French poet Charles Baudelaire.