Stabilized tetrazolium dye-phenazine reagent compositions and methods for their use in the measurement of an analyte in a sample are provided. The subject reagent compositions include: (1) a tetrazolium dye component, e.g., a water soluble tetrazolium salt; (2) a phenazine component; and (3) an effective amount of one or more tetrazolium dye-phenazine stabilizing reagents, e.g., an inorganic Group IIIA compound and/or a flavin. In many embodiments, the subject reagent compositions include additional members of an analyte oxidizing signal producing system, such as: an analyte oxidizing enzyme, e.g., an analyte dehydrogenase or an analyte oxidase; and an enzyme cofactor. Also provided are test strips that include the subject reagent compositions, as well as systems and kits incorporating the subject test strips. The subject reagent compositions, test strips, systems and kits find use in the detection of a wide variety of analytes in a sample, such as a physiological sample, e.g., blood or a fraction thereof, or ISF (interstitial fluid).