The 33-year-old from St Helens, who dumped defending champion Michael van Gerwen out of the competition yesterday, outclassed Pipe, eventually prevailing by five sets to two.
Speaking to Sky Sports News, a victorious Chisnall said: "It feels good, but obviously the game wasn't a good game. There were lots of scrappy darts. I think we had too much respect for each other."
"I'd rather play Phil," he added. "It'll make me play better if I play Phil."
Chisnall has played Taylor on 12 previous occasions, beating 'The Power' just three times. Meanwhile, he has lost six of his nine meetings with Wade.