Last year's FedEx Cup champion pushed hard on the final day by posting four birdies on the front nine, which cut Mickelson's six-shot overnight lead in half.
Ultimately, he came up short as the four-time Major champion birdied three of the last six to clinch a four-shot victory, but still said that he had fun playing alongside Mickelson.
"It was a ton of fun," said Snedeker. "To be in the last group with Phil and kind of trade birdie for birdie and make up some ground was a lot of fun. It's what we play for.
"I wish I could have put some more pressure on him and got a little closer than I did today, but I think I shot 12-under on the weekend and made one bogey.
"Sometimes you have to tip your hat and say Phil played unbelievable and deserved to win, and that's kind of what this week was all about."
Mickelson has now won the Phoenix Open three times.