Similar meaning, but less precise:
* Sound-alike
* Word that sounds the same
* Words with the same pronunciation
More technical terms:
* Heterograph (specifically for words with different spellings)
* Homonym (broader term, includes homophones and homographs)
If focusing on the confusion caused by homophones:
* Misleading word
* Word easily confused
* Tricky word
The best alternative will depend on the specific context and the desired level of formality.