Phillips and Jermaine Beckford each scored twice as the two sides played out an ultimately thrilling encounter at Bloomfield Road.
After a dour opening half hour, the evergreen Phillips nodded the Seasiders ahead from a corner, only for Beckford and David Nugent to respond with goals either side of half-time to put Leicester ahead.
Substitute Roman Bednar made it 2-2 with 21 minutes remaining, before another replacement, Leicester's Ben Marshall, crossed for Beckford to head his second.
There was to be another twist in the tale, however, as Phillips popped up in stoppage-time with a close-range equaliser to boost his side's play-off hopes.
The hosts were unchanged from their 3-1 victory over Brighton at the weekend, while Lee Peltier and Danny Drinkwater returned to Leicester's starting line-up in place of Sol Bamba, who dropped to the bench, and the injured Paul Gallagher.
Another promotion rival,
Norwood blasted home from 25 yards after Gary McSheffrey's pass found its way to his feet in the last seconds of a pulsating encounter in south Wales.
Earlier, Cardiff took the lead just after the quarter-hour, with Sky Blues forward Cody McDonald putting through his own net.
Cardiff were thoroughly tested by a Coventry side battling against looming relegation, and were fortunate not to be pegged back when McSheffrey missed a 51st-minute penalty.
McSheffrey then hit a post before Jordan Clarke equalised for Coventry with 20 minutes remaining before Peter Whittingham looked to have won it for Cardiff late in the game only for Norwood to strike at the death.
Coventry deserved something to show for their efforts, and with time ticking away Norwood collected from McSheffrey and rifled home from range to salvage a share of the spoils for the away side.
Ipswich, one of the form teams in the second tier, dominated from start to finish, with striker Chopra lashing home the only goal from a rebound early in the second half to secure his side a seventh win in their last 10 league matches.
Burnley's play-off chances have receded in recent weeks and they have surely waved goodbye to any faint hopes they retained of mounting a late challenge.
The Clarets have now won only one of their last eight games.
The narrow scoreline hardly did justice to Paul Jewell's side, who had Grant Leadbitter sent off late on for a second bookable offence.
Burnley goalkeeper Lee Grant made several outstanding saves to keep out Ipswich, while Leadbitter and Jay Emmanuel-Thomas in particular went close to adding their names to the scoresheet.