Phaedra Parks has some legal advice for 'Real Housewives of Potomac' star Dr. Wendy Osefo's fraud case ... telling TMZ a plea deal might be her best bet.

We caught up with the Phaedra -- a 'Real Housewives of Atlanta' alum -- in NYC on Monday, and she said Wendy needs to think of her kids first and foremost.

ICYMI ... Wendy was arrested on suspicion of fraud in October alongside her husband, Eddie. They're facing a combined 16 charges -- including 7 felonies -- and are expected to be tried separately.

Phaedra thinks they both need to prioritize the well-being of their three children -- Karter, Kruz and Kamrynn -- when weighing their legal options.

The "Traitors" star seems to believe the evidence against Wendy and Eddie is pretty damning, saying ... "Here is the thing. The win for her would be to obviously be exonerated, but the evidence speaks for itself."

Phaedra told us opting for a plea deal could be "in the best interest" of Wendy's kids, adding ... "I think the smartest thing to do is the least amount of time."

She continued ... "At the end of the day, they're both parents. And so, you know, as a parent, your number one interest has to be the care of your children."

Don't forget ... Phaedra was already an established lawyer by the time she joined 'Real Housewives,' so she has the legal chops to back up this advice!