The veteran goalscorer turns 40 later this year but came off the bench to inspire a second-half turnaround as the Eagles beat Charlton 2-1 at Selhurst Park on Saturday.
The former England striker only joined on loan from Blackpool on Thursday but is already looking ahead to the possibility of Premier League football with Palace next season.
"There was a part of me thinking that I'd see the season out at Blackpool and that would be it," said Phillips, quoted in the Daily Star.
"But once Blackpool made it clear that they wanted me off the wage bill, I looked at the situation and now I've got that bug again.
"I'm now looking forward to the rest of the season. I feel good and felt good in the second half and I want to keep playing as long as I can.
"Hopefully we'll get promoted and maybe I'll have another year in the Premier League. If I'm used right, there's no reason why not."
Phillips has worked with Palace boss Ian Holloway before when the pair were at Blackpool and he knows what his manager expects him to bring to the club.
"The boss knows what I bring and I know what he needs from me," added Phillips.
"That will be talking to the younger players and trying to help them and geeing them up. I would like to think they'll respond."