Let $\displaystyle\arcsin\frac yr=\phi\implies \sin\phi=\frac yR\ \ \ \ (1)$
and based on the definition of principal value, $\displaystyle-\frac\pi2\le\phi\le\frac\pi2\ \ \ \ (2)$
So, we need to find $\displaystyle\tan\frac\phi2$
Using Weierstrass substitution, $\displaystyle\sin\phi=\frac{2\tan\frac\phi2}{1+\tan^2\frac\phi2}$
So, using $\displaystyle(1),\frac{2\tan\frac\phi2}{1+\tan^2\frac\phi2}=\frac yR\implies y\tan^2\frac\phi2-2R\tan\frac\phi2+y=0\ \ \ \ (3)$
Solving the Quadratic Equation for $\displaystyle\tan\frac\phi2=\frac{R\pm\sqrt{R^2-y^2}}y$
Now using $\displaystyle(2), -\frac\pi4\le\frac\phi2\le\frac\pi4\implies -1\le\tan\frac\phi2\le1$
Observe that for real $\displaystyle\phi, R^2\ge y^2\implies R\ge |y|$ as $R>0$
If $\displaystyle R=|y|,\tan\frac\phi2=\pm1$ where both roots are same
Else $\displaystyle\frac{R+\sqrt{R^2-y^2}}{|y|}> \frac R{|y|}>1,$ hence should be discarded.
Observe that if $\displaystyle\tan\frac{\phi_1}2,\tan\frac{\phi_2}2$ are the roots of $(3),$
using Vieta's formula, $\displaystyle\tan\frac{\phi_1}2\tan\frac{\phi_2}2=1$
$\displaystyle\implies\tan\frac{\phi_1}2=\frac1{\tan\frac{\phi_2}2}=\cot\frac{\phi_2}2=\tan\left(\frac\pi2-\frac{\phi_2}2\right)=\tan\frac{\pi-\phi_2}2$
$\displaystyle\implies\frac{\phi_1}2=\frac{\pi-\phi_2}2\iff\phi_1=\pi-\phi_2 $
$\displaystyle\implies\sin\phi_1=\sin\left(\pi-\phi_2\right)=\sin\phi_2 $
Also, $\displaystyle\sin\phi=\frac{2\tan\frac\phi2}{1+\tan^2\frac\phi2}=\frac{2\cot\frac\phi2}{1+\cot^2\frac\phi2}$ (multiplying the numerator & the denominator by $\displaystyle\cot^2\frac\phi2$)