This study determines an optimal spectral configuration for the CyanoSat imager for the discrimination and retrieval of cyanobacterial pigments using a simulated dataset with machine learning (ML). A minimum viable spectral configuration with as few as three spectral bands enabled the determination of cyanobacterial pigments phycocyanin (PC) and chlorophyll-a (Chl-a) but may not be suitable for determining cyanobacteria composition. A spectral configuration with about nine ideally positioned spectral bands enabled estimation of the cyanobacteria-to-algae ratio (CAR) and pigment concentrations with almost the same accuracy as using all 300 spectral channels. A narrower spectral band full-width half-maximum (FWHM) did not provide improved performance compared to the nominal 12 nm configuration. In conclusion, continuous sampling of the visible spectrum is not a requirement for cyanobacterial detection, provided that a multi-spectral configuration with ideally positioned, narrow bands is used. The spectral configurations identified here could be used to guide the selection of bands for future ocean and water color radiometry sensors.