Assuming that your main equality holds for all $p, v_1, v_2$, apply the equality to unit-length $v$s with $v_1 = v_2$. Then you have
$$
\lambda^2(p) =\frac{<d\phi_p(v_1),d\phi_p(v_1)>}{<v_1,v_1>_p}\\
=\frac{<d\phi_p(v_1),d\phi_p(v_1)>}{1}\\
=<d\phi_p(v_1),d\phi_p(v_1)>
$$
and as long as $\phi$ is sufficiently smoothly differentiable, and so is the metric, you're done.
Post-comment additions
OP is apparently thinking of functions on some arbitrary manifold, $M$, so a little more detail is needed. What we're given is that for every $p \in M$ and every $v_1, v_2 \in T_p M$,
$$
<d\phi_p(v_1),d\phi_p(v_2)>_{\phi(p)}=\lambda^2(p)<v_1,v_2>_p.
$$
where $\phi$ is a differentiable map from $M$ to some manifold $K$, and the inner product on the left is at $\phi(p) \in K$, while the one on the right is at $p \in M$ (i.e., on the tangent space $T_p M$).
The key thing to observe is that $\lambda$ is assumed to be independent of $v_1, v_2$.
OP wants to know whether $\lambda^2$ is differentiable as a function of $p$. The most general answer is "no, at least not obviously, for $d\phi$ may not be differentiable."
But if we're willing to assume that $\phi$ is twice differentiable, then this is a purely local question: we need only show that for any point $p_0 \in M$, $\lambda^2$ is differentiable in a neighborhood of $p_0$.
Pick a local coordinate system $x : U \to \mathbb R^n$ in a neighborhood of $p_0$; then the vector field $v(p) = \frac{\partial}{\partial x_1} (p)$ is nonzero at $p_0$ and throughout $U$. Let $v_1(p) = v_2 (p) = v(p) / \| v(p) \|$ for $p \in U$. Then $v_1$ and $v_2$ are both vector fields on $U$, and unit length at every point, and their inner product, at every point, is 1. The assumed identity then tells us that
$$
<d\phi_p(v_1),d\phi_p(v_2)>_{\phi(p)}=\lambda^2(p)<v_1,v_2>_p
= \lambda^2(p).
$$
If the inner product on $K$ is differentiable as a function of position, and if $d\phi$ is as well, then the chain rule allows us to compute the derivative of $\lambda^2$, hence $\lambda^2$ is differentiable.
Without the assumptions of a continuously varying metric, the theorem simply is not true. For instance, if we take the identity map on $\mathbb R^2$, where the domain has the usual metric, but on the codomain, the
metric at $(a, b)$ is the usual metric for $a \le 0$, but twice the usual metric for $a > 0$, then the function $\lambda^2 (a, b)$ is $1$ for $a \le 0$ and $2$ for $a > 0$, which is evidently not even continuous.
If instead we pick the metric as the standard metric for $a \le 0$, but
$(1+a)$ times the standard metric for $a > 0$, then the function $\lambda^2(a, b)$ is $1 $ for $a < 0$ and $1 + a$ for $a > 0$, which is continuous but not differentiable.
Hence the assumption of differentiability of the metric wrt position in the codomain is essential.
A similar example can be crafted to show that the assumption of differentiability of $d\phi$ is essential, I believe. I leave it to OP to give this a shot, following the model I've given.
* Further additions *
Let
$$
f(x) = \begin{cases}
x-x^2 & x \le 0 \\
x + x^2 & x > 0
\end{cases}
$$
and
$$
\phi(x, y) = (f(x), y).
$$
Then
$$
D\phi(x, y) = \begin{bmatrix} u(x) & 0 \\ 0 & 1\end{bmatrix},
$$
where
$$
u(x) = \begin{cases}
1-2x & x \le 0 \\
1x + 2x & x > 0
\end{cases}
$$
so $\phi$ is clearly continuously differentiable, but not twice differentiable.
For $p = (-a, 0)$ and $v_1 = v_2 = [1, 0]^t$, we have
$$
\newcommand{\ep}{\epsilon}
d\phi_p (v_i) = \begin{bmatrix} 1-2a \\ 0 \end{bmatrix}
$$
so
$$
\lambda^2(-a, 0) = (1-2a)^2
$$
Similarly,
$$
\lambda^2(a, 0) = (1 + 2a)^2
$$
The derivative of the first, with respect to $a$, is $2(1-2a)*(-2)$; for the second, it's $2(1+2a)2$. The first, evaluated at $0$, is $-4$; the second is $+4$. Hence the derivative of $\lambda^2(t, 0)$, as $t$ passes from negative to positive through $0$, is undefined.
...I think you should write $\phi(x,y) = (f(x),f(y))$ for it to be conformal, however. Do you want me to edit your answer?
(Example: if you pick $v=(v_1,v_2), w=(w_1,w_2)$ with all coordinates positive, $(p=(x_1,x_2))$, then $<d\phi_p(v),d\phi_p(w)>=(1+2x)^2 v_1 w_2 + v_2 w_2$, which is not proportional to $<v,w>$)
– Guillermo Mosse Dec 18 '16 at 18:53That's my problem, actually. Asking $\lambda^2$ to be conformal is making it really hard for me to find one that's only once differentiable.
– Guillermo Mosse Dec 18 '16 at 19:04