Zaha has completed his move to Manchester United this week.
"I really rate Tom, he's a great player. I've been lucky enough to play with him and Wilfred Zaha over the last couple of seasons and for me young Tom at the moment is just ahead of Zaha," said Phillips, who turns 40 this month, during a radio interview with talkSPORT.
"He will get you more goals and he will threaten the back-line a lot more. Tom has got a bit of everything for me He will attract two or three players towards him and he will get his head up and he will pass and he will move.
"He looks to get in behind the back four without the ball too. He makes excellent runs.
"At this precise moment he is ahead of Zaha. Wilfred is an exciting talent, but Tom right now is going to get you goals. He had 18 goals last year and that tells you everything.
"He really is an exciting player and I'm looking forward to seeing him over the next few years."