This is a complex topic. In short (and simplified): there is not a unique relation between spectrum of light and the colour we perceive. Our eyes and our brain have a colour adaptation. A white sheet of paper will be seen as white (after some minutes of adaptation), also if the light that enter in our eyes could have more bluish or more reddish light components. Note: but so also other lights (and so colour) could be perceived differently. On most common black-body illuminants, we tent to see (after adaptation) the same object as being in the same colour.
So on most colour spaces, we need to specify the white point (or the illuminant), in order to know how we see all other colours, and mostly we want to see white as white, and not as reddish, or bluish (and important: skin colour change a lot on different illuminants, and so images with wrong "white balances" are disturbing).
You didn't specify what emissive source you are using. If you are doing artwork, and so not choosing the main illuminant of a room, you should ask the museum what illuminant they use, it is pretty standard to use D50. Usually screens have D65 as standard illuminant (sRGB standard, but also HDTV, UHD, ecc.), so images are set with such white point, and so you should choose such white point. On movie theaters or other dark environment the content specify the white point. You may change slowly from D50 to D65 and nobody will notice the change. This is true also on screens: we watch the screen, so we adapt to the content, so it doesn't really matter what white point you selected, what it matter is what white point was selected on the content (again: web, TV use D65)
So you should discover what will be the white point (or the illuminant) and use it accordingly. Note: you are surelly already doing it, because your work also with standardized brightness: your emissive source will not emit a 100 [without unit] of light. [Together chromatic adaptation there is also the brightness adaptation]
Note: for your task illuminant and white point is the same concept. An illuminant defines a white point (and so the chromacities of white). In your formula you just use the chromacities of the white (2 numbers, or 3 if you include the brightnesse). When working with spectrum, one needs the entire spectral curve (defined by illuminant), and so white point data doesn't have all information.