The two sides may not have previously met in Europe yet they will know each-other inside out for this crunch tie. Jamie Roberts, Luke Charteris and Phillips have just returned from spending a month with many of their opponents in the Wales camp during the autumn internationals.
Now they will come face to face with many of their Test team-mates for a clash between two of the in-form teams in Europe.
Andrew Bishop and Ashley Beck have both played alongside Roberts for their country but must now find a way to stop the British Lions centre.
Charteris will be eager to prove a point against Alun Wyn Jones, who kept him on the Wales bench. While Phillips returns to face the team for whom he made 60 appearances, including 18 European games.
The contest between fly-halves Jonathan Sexton and Dan Biggar will also go a long way to deciding the outcome of this hotly-anticipated match.
Both come into the Champions Cup on the back of impressive autumn campaigns with their national sides that included wins over South Africa.
Ospreys backs coach Gruff Rhys said: “The Wales players coming back into the squad are in a good mental state, having all been in good form and come back off a great win. There’s a buoyancy around and we want to tap into that.
“Experience is invaluable. It’s a big game for us in the biggest club competition around and the boys want to be a part of it. They recognise we’ve had a good run with them in the league and we’re into a competition that we want to have a good crack at.”
Ospreys are second in the Guinness Pro12 but face a Racing team that have won four of their last games in all competitions, including victories over Northampton Saints and Benetton Treviso.
Rhys added: “This Racing team beat Northampton by matching their physicality while they have great players behind, including Bruce Dulin who is one of the best full-backs in Europe.
“We can knock teams off their stride but are we just going out there to stop Racing or go and win the game? I know what my gut-feeling is.”