Let $(X,\mathcal B,\mu)$ be a finite measure space and consider the operator $T\colon L^2(X,\mu)\to L^2(X,\mu)$ given by $Tf(x)=\varphi(x)f(x)$, where $\varphi\colon X\to\mathbb R$ is a bounded measurable function.
Is there any possibility to determine the spectral measure explicitly?
The spectral measure of $T$ is the measure $E(\Delta)=1_{\Delta}(T)$, where $\Delta$ is any Borel set in the spectrum of $T$, and $1_\Delta$ is the characteristic function of $\Delta$.
In your case, $T=M_\varphi $. Using functional calculus, we have, for any bounded Borel function $g$ on $\sigma(T)=\text {ess ran}\,\varphi$, that $g(T)\,f=(g\circ\varphi)\,f$ for any $f\in L^2(X,\mu)$. Then $$ E(\Delta)f=1_\Delta(T)\,f=(1_\Delta\circ\varphi)\,f=1_{\varphi^{-1}(\Delta)}\,f. $$
So, for each Borel set $\Delta$, the projection $E(\Delta)$ is the multiplication operator by the function $1_{\varphi^{-1}(\Delta)}$.