Phillips and Bracewell (65) put on 115 for the fifth wicket as New Zealand reached 7-259, their highest total in T20 cricket, after being sent in.
After suffering at the hands of the India batters in the third international on Tuesday in which they conceded 199 in only 13.2 overs, New Zealand took advantage of the short boundaries at Eden Park and punished India's bowlers with 20 sixes and 14 fours.
India already held an unassailable 3-0 lead in the five-match series.
Phillips' century was his third in T20s and he was out in the last over, one run short of his highest score.
"It was a very good pitch to bat on and I think we made the most of it, which is fantastic," Phillips said. "(Bracewell) and I talked about how the wind from one end made it the easier end to hit from.
"The way Beast (Bracewell) hits it, that doesn't really matter."
India struggled with the bat for the first time in the series, losing two wickets in the first over and four inside the powerplay.
New Zealand captain Mitchell Santner took a wicket with his first ball and two in his first over, surpassing 150 wickets in T20s. Pacer Jacob Duffy took 4-23 while Tilak Varma top-scored for India with 35.
Abhishek Sharma, who thrilled India fans with a century from 35 balls on Tuesday, started strongly with three fours and a six but was out for 35.
New Zealand started poorly, losing Tim Seifert (3) in its first over, then Daryl Mitchell (24) inside the powerplay. Mitchell hit two sixes and two fours off Mayank Yadav before falling in the same over.
Bevon Jacobs came and went quickly for 7 while Phillips continued to pace the New Zealand innings, reaching his half century from 31 balls with five fours and three sixes.
He found a kindred spirit in Bracewell who reached his third T20 half-century with four fours and four sixes at a strike rate of 260.
New Zealand reached 4-174 after 15 overs, then added 85 more from the last five overs.
Phillips is the top run-scorer in the series with 276 in the four matches so far including scores of 82 not out, 70, 17 and 107 at an average of 92.
The final T20 at Hamilton on Sunday will be followed by five one-day internationals and two Tests.
