Don Cowie headed the Bluebirds in front four minutes after the restart but 38-year-old Phillips, a free transfer arrival this summer, netted on the hour to ensure the points were shared.
Blackpool were unchanged from the side which beat Ipswich 2-0 at home last weekend after skipper Barry Ferguson was passed fit for action after shrugging off a hamstring strain.
Matt Hill continued at left-back, with Stephen Crainey being forced to make do with a place on the bench as the Seasiders sought to continue their best start to a league campaign for 20 years.
Blackpool began the day in seventh spot, immediately below Cardiff on goal difference, and both teams were bidding for a fourth win in seven league games.
The Bluebirds arrived in Lancashire undefeated in their last eight away league matches, having won four and drawn four since a 1-0 defeat to Crystal Palace at Selhurst Park on March 8.
Defender Anthony Gerrard was named in the starting line-up for his 250th career league appearance and his team went close inside the fourth minute.
Ferguson fouled Craig Conway, who delivered a teasing free-kick into the heart of the danger zone but Blackpool defender Craig Cathcart made a fine clearance.
However, the ball soon fell to midfielder Peter Whittingham and he unleashed a 20-yard strike which drew a smart stop from Blackpool goalkeeper Matt Gilks.
Blackpool midfielder Ian Evatt then saw an effort blocked by Mark Hudson before Cardiff's Aron Gunnarsson hit a dipping 25-yard shot over the crossbar.
In the 12th minute Cardiff went close again as Conway cut inside before seeing a 12-yard shot well blocked by Seasiders defender Alex Baptiste.
Bluebirds striker Kenny Miller then drilled a shot wide from close range before the hosts went close in the 18th minute when Ian Evatt crossed dangerously and Billy Clarke headed straight at Cardiff goalkeeper David Marshall.
Blackpool went agonisingly close on the stroke of half-time when midfielder Keith Southern advanced forward and hit a fierce 20-yard shot which drew a superb save from Marshall, who tipped the ball around a post.
Four minutes after the restart, Cardiff led when Andrew Taylor crossed from the left flank and Cowie headed into the top right-hand corner from 12 yards.
Blackpool boss Ian Holloway then made a triple substitution in the 55th minute and six minutes later his side were level.
Phillips collected a pass from Gary Taylor-Fletcher and hit a right-footed shot into the top corner from 18 yards.
Five minutes later, Conway's inswinging corner was greeted by Filip Kiss but his effort was saved by Matt Gilks.
Marshall then denied Taylor-Fletcher but neither side could find a winner.