The pair played a pivotal role in England reaching their first senior men's international tournament final since 1966.
But England unfortunately fell at the final hurdle, losing to Italy on penalties at Wembley.
On Rice, Phillips said: "I love playing with Declan.
"We're two very similar players but work in different ways when we play together.
"Declan is almost a protector in front of the back four and I'm almost a dog that goes running after people that have got the ball.
"Declan is a very good player and you can see what he's done this season with West Ham, the way he's playing.
"He's only going to get better and I'm very happy for him."
Phillips has had to make do without Rice during November's international break, with the Hammers man pulling out through illness.
England can book their place at next year's World Cup tonight with a win over San Marino.
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!