Phillips netted with eight minutes to go to level the scores after two Andreas Weimann goals and an own goal from Giovanny Espinoza looked set to give the visitors a brilliant victory.
Villa's second string had gone two goals down after Blues striker Robin Shroot netted a first-half double.
But Weimann also scored twice to inspire a comeback and was unfortunate to see his side lose their lead late on.
Blues defender Jacob Roe was sent off just before the final whistle to complete a dramatic night of reserve team football.