Phipps is yet to play a full game at any level this season, coming off the bench for Sydney Uni in his return from a preseason calf injury last weekend, but that small showing was enough to prove his fitness.
The 29-year-old notched a hat-trick in the Shute Shield, but said he was just glad to make it through.
“It’s been frustrating,” he said.
“But it was great to get some good game time with Sydney Uni last week and I think I’m ready to go.
“It was good to be out there, the score wasn’t really a big thing for me, it was just about getting my passes right, finding my kicking game, getting that rhythm back into it again, so I think coupled with this week’s training session, it should be good to go.”
Phipps has been named on the pine for the match, with Jake Gordon starting for the Waratahs against the Reds.
The Waratahs nabbed a thriller against the Reds at Suncorp Stadium last year and Phipps said they would be a big threat at the SCG on Saturday night.
“I think they’ve got one of the better forward packs in the competition,” he said.
“The raw talent they’ve got there and the way that they’re utilising their set piece is really impressive to watch and you certainly know whatever backs they put on the park, they’ve got some really exciting outside backs.
“Jono Lance (is) really steering the ship there for them well and when they’ve got those sort of combinations gelling together, they’re going to be a very dangerous team.”