1/4 x 1-1/4 or 5/16 x 1-1/4 or 3/8 x 1-1/4 lag bolts, and washers. Perhaps even fender washers, if you like. Do feel free to use more than 4 total, especially in the top holes, since you are screwing into ply, not trying to hit framing. Should be easy to use 6 (doubling only the tops) or 8 (if you also double up the bottoms) making use of the outermost and innermost holes.
More length won't do a thing for you with (evidently you don't say, but presumably) 3/4" plywood. The extra 1/2" accounts for washer, backpanel, and the pointy end of the lag bolt that doesn't hold much.
By the way, the fasteners you used for the plywood are risky in the extreme. Electrical and plumbing code assumes that you won't penetrate framing more than 1-1/4" when instructing where cable/pipe protection plates are needed. If you happened to hit a cable when putting one of those in, the fault would be entirely on you. Longer is NOT always better with lag bolts and screws into framing, especially if you don't personally know exactly where the wiring/plumbing isn't. With 3/4 ply and 1/2" sheetrock, your fasteners should not have been more than 2-1/2" long (which would also be plenty.) Given that you counterbored the heads of the lag bolts in, 2" for those.
4 2-1/2" screws (2 at top, two at bottom, about 1 to 1-1/2" from the edge) would improve your structural attachment, however. Especially the top ones, if you only do two instead of 4. Leverage matters, and the top screws want to be as far up as possible without breaking out of the edge of the plywood so they have the most leverage against the loaded rack trying to peel that plywood off the wall. The same logic applies for doubling up the top mounting bolts for the rack itself.