In this paper the relaxed micromorphic continuum model with weighted free and gradient microinertia is used to describe the dynamical behavior of a real two-dimensional phononic crystal for a wide range of wavelengths arriving down to the size of the unit cell. In particular, a periodic structure with specific micro-structural topology and mechanical properties, capable of opening a phononic band-gap, is chosen with the criterion of showing a low degree of anisotropy (the band-gap is almost independent of the direction of propagation of the traveling wave). A Bloch wave analysis is performed to obtain the dispersion curves and the corresponding vibrational modes of the periodic structure. A linear-elastic, isotropic, relaxed micromorphic model including both a free micro-inertia (related to free vibrations of the microstructures) and a gradient micro-inertia (related to the motions of the microstructure which are coupled to the macro-deformation of the unit cell) is introduced and particularized to the case of plane wave propagation. The parameters of the relaxed model are then calibrated on the dispersion curves of the phononic crystal showing an excellent agreement in terms of both dispersion curves and vibrational modes. Almost all the homogenized elastic parameters of the relaxed micromorphic model result to be determined. This opens the way to the design of morphologically complex meta-structures which make use of the chosen phononic structure as the basic building block and which preserve its ability of “stopping” elastic wave propagation at the scale of the structure.