With Blues trailing to a first half Kevin Doyle goal, Phillips came off the bench and scored twice in the last ten minutes to earn Blues a 2-1 home win against Mick McCarthy's side at St Andrews on Sunday.
"When he comes on as bright as he did today then there's no better man in that box for you," McLeish said after the match.
"Kevin has just got that natural ability, he's a born finisher. He's elusive in the box and difficult to pick up.
"I knew his scoring record was very good against Wolves. I knew it was a weapon that had done damage to them in the past, and it has happened again, I am glad to say."
Phillips has had to make most of his appearances this season from the bench but McLeish is now considering giving the 36-year-old striker a place in the starting eleven.
"I still feel he's going to be a big impact player for us.
"I just think he's better coming off the bench, but after today he probably deserves a start.
"I've got to consider the right tactics for the team but, if you get the ball into the box, Kevin will score."