Using a list to explain symbols used in an equation? In papers, the symbols explained in an equation are usually explained like this:

δ(t) = tan⁻¹⁡〖ke(t) / vf(t)〗,
where δ(t) is the steering angle, e(t) is the closest point between the path and the vehicle, v(t) is the vehicle’s velocity and k is the gain parameter.

By contrast, textbooks often explain mathematical notation in a list-like format, e.g., like this:

δ(t) = tan⁻¹⁡〖ke(t) / vf(t)〗,
where

δ(t) =  steering angle
e(t) =  closest point between the path and the vehicle
v(t) =  vehicle’s velocity
k     =   gain parameter


I consider this more legible, and I was thinking if I could use this in my scientific papers.
Is there any reason not to do this?
In some journals there are page limits, and so your first example becomes more relevant. But I agree your second example is more readable.