Phillips, 22, has played 49 AHL games for Iowa this season, notching seven goals and eight assists for 15 points. The third-year pro has totaled 27 goals and 48 assists for 75 points in 196 AHL games with Iowa and Houston.
A native of Fredericton, N.B., Phillips was taken in the first round (28th overall) of the 2011 NHL Entry Draft by Minnesota.
Knight, 23, was a second-round choice by Boston in the 2010 NHL Entry Draft. He had one goal and two assists in 36 games for Providence this season.
Knight, a native of Battle Creek, Mich., has skated in 107 AHL games with Providence during his three pro seasons, amassing seven goals and 20 assists for 27 points.