The bilayer ruthenate material Sr3Ru2O7 shows an unusual "electronic nematic phase" (ENP) at low temperatures near a magnetic field B =7.95 T. The phase is associated with the appearance of strong anisotropic tendencies in transport properties. We have recently shown that the appearance of the phase coincides with the magnetic excitations softening in energy at an incommensurate position in reciprocal space. Here we propose to follow up this discovery and search for anisotropy in the magnetic excitations which might explain the observed anisotropy in physical properties of the ENP. The overall objective is to see whether the ENP phase may be understood within a magnetic mechanism.