The 25-year-old Australian earned his place in the competition after finishing top in the AGP Order of Merit.
Anderson has said that he is hoping to upset the 16-time world champion.
"To play Phil is a dream come true," Anderson told PDC.tv. "He's the best player ever to play the game, the Roger Federer of darts - everyone wants to be Phil and to beat Phil.
"I had a gut feeling that I'd draw Phil but you can't take him lightly. Hopefully I can get a couple of legs won early and ride the momentum all the way home.
"That might sound cocky but you've got to be confident against Phil or he'll take you down."
Anderson and Taylor meet in the Luna Park event on Thursday evening.