If you use the actual (including reactive) current in the formula, you will get the actual voltage drop, and can calculate the power dissipated in the wire. But because that drop may not be in phase with the applied voltage you will not measure the voltage at the equipment as being the applied voltage minus the voltage drop. It depends on what you need to use the voltage drop figure for.
In the 2011 NEC, Chapter 9, Table 9 has effective Ze for a power factor or 0.85. Note 2 below the table shows how to approximate the effective Ze for other power factors.