Philp's found just enough room between the post and Edmonton's goaltender Laurent Brossoit at 14:56 of extra time to tie the series at 1-1.
Kootenay's Mackenzie Skapski bounced back from being pulled in Game 1 by stopping 47-of-48 shots for the win.
Brock Montgomery scored in regulation for the Ice and Philp picked up an assist for a two-point outing and the game's first star.
Michael St. Croix scored for the Oil Kings.
After two periods without any scoring, a centering pass by Philp from the corner deflected off Montgomery in front of Edmonton's net and jumped up over the pad of Brossoit at 10:34 to give the Ice a 1-0 lead.
The Oil Kings replied at 12:01, as Stephane Legault's whiff at the puck caromed over the stretched right pad of Skapski, where St. Croix was waiting to jam it home.
Brossoit turned aside 24 shots for Edmonton.
Game 3 is set for Tuesday when the Ice host the Oil Kings at the Cranbrook RecPlex.