You know that the commutator subgroup $G'$ is the smallest normal subgroup (with respect to inclusion) in $G$ such that $G/G'$ is abelian. Now I think your choice of $\Phi$ is the correct one: By definition of the commutator subgroup, given any homomorphism $\varphi$ to an abelian group $A$ we have that $G/\ker \varphi \cong $ (some subgroup of an abelian group) that is abelian, from which it follows by the universal property of quotients that we always get a unique group homomorphism
$\psi : G/G' \longrightarrow A.$
such that $\psi \circ \pi = \varphi$, where $\pi : G \longrightarrow G/G'$. Now define $\Phi : \hom(G,A) \longrightarrow \hom(G/G',A)$ by $\Phi(\varphi) = \psi$. The uniqueness of $\psi$ guarantees that $\Phi$ is well-defined. To show that $\Phi$ is an isomorphism, you can define an inverse
$\begin{eqnarray*} \Psi:&\hom(G/G',A)&\to \hom(G,A)\\ &f& \mapsto f \circ \pi.\end{eqnarray*} $
It is clear that $\Psi$ is well defined. We now check that it is the inverse of $\Phi$. We have given any $f \in \hom(G/G',A)$ that
$\Phi\circ \Psi(f) = \Phi(f \circ \pi) = f$
where the last step follows because of the following. $\Phi(f \circ \pi)$ is supposed to be the unique linear map $g : G/G' \to A$ such that $g \circ \pi = f \circ \pi$, clearly setting $f = g$ works and so by uniqueness it follows that $\Phi(f \circ \pi) = f$. Since this holds for all $f \in \hom(G/G',A)$ we conclude that
$\Phi \circ \Psi = \textrm{id}_{\hom(G/G',A)}.$
a similar computation shows that $\Psi \circ \Phi$ is the identity on $\hom(G,A)$ from which it follows that $\Psi$ and $\Phi$ are mutual inverses.