Personally, I'd wait to see what the state of affairs are with regard to the nitrates and phosphates levels. You can then take any appropriate action and may give you and indication of an underlying problem, such as overfeeding of livestock, over stocking of the tank, too much light, too small/few water changes, or a combination of them.
If after testing the water, the results come back as high, then you know right then and there, that this is the problem and hopefully you can identify the cause. However, if the results come back as fairly low on both the nitrates and phosphates, it might not be a true reflection of the actual levels being produced in the tank by your livestock, because the algae will be consuming both and thereby lowering the nitrate and phosphate - and spreading like wildfire in the process.
After you've tested the water, write down the results. Next scrape off all the algae on the back of the tank, until it is clean. Perform a water change and keep the waste water in a bucket. Remove individual rocks from the tank that are covered in the hair algae and using a new toothbrush, scrub the stuff off and replace the rock in the tank. If you do have actual racemosa caulpera (the green bubble algae) then carefully remove it grabbing only the stalks. Avoid popping the bubble parts. The mithrax crabs love eating that stuff and the hair algae too, but again, wait to see what your water parameters are before you do anything.
With the algae gone, test your water 24 hours later for nitrate and phosphate and continue doing tests daily for the next week and record the levels. Initially the levels should be lower due to the water change, but you can expect them to increase. Its just how high those levels reach after a week without the nuisance algae there to absorb them. If they do start reaching into levels toxic to corals, then you will need to perform another water change to bring them back down.
In the meantime, you can start identifying possible causes :
What size is your tank?
What is your stocking?
What is the circulation in the tank? Powerheads in LPH etc.
How long has it been established?
How long is it since you changed the rowaphos?
How much / often do you perform a water change?
How long are your lights on for? Is the tank receiving direct sunlight?
Solutions to combating the algae can be done in a variety of ways.
Larger, more frequent water changes to kick the nitrates and phosphates.
Using rowaphos/phosban in a reactor
Growing macro algae like chaetomorpha either in the tank, or in a refugium (better in the sump refugium as its ugly stuff) to out compete nuisance algae for nutrients. As it grows it gets more efficient.
A deep sand bed can remove nitrates down to trace levels. Read up on these thoroughly first though as they have to be maintained - probably best located in the sump.
Reducing the stocking of your tank
Ensure you aren't over feeding your fish.
Reducing the amount of light in the tank. If the tank is getting direct sunlight, then it can give rise to nuisance algae. However, reducing the light won't remove nitrates and phosphate, so is more of a bandaid than a cure.
Edit* Forgot about the protein skimmer lol. Do you have one ??