The three-time All Australian is the Power's marquee signing for their first season in the national league, beginning later this month.
"It is a huge honour to be named captain of Port Adelaide," Phillips said.
"I feel incredibly privileged to be trusted to lead this amazing group of women, both on and off the field this season."
Phillips' father Greg is a former Port Adelaide SANFL champion and Australian Football Hall of Fame member.
"My dad always said to me the only thing better than playing for this club is being captain of this club and, he was right," Phillips said.
"Telling him the news that I had been named captain was a very special and emotional moment for both of us.
"I'm so excited to be following in his footsteps and can't wait to lead the team onto the ground for the first time.
"It will be yet another special moment for this group and for Port Adelaide."
A Power player vote led to Ange Foley being named vice-captain, with Hannah Dunn, Gemma Houghton and Justine Mules rounding out the leadership group.
Port Adelaide travel to Perth to take on West Coast in their season opener on August 27.
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