Chisnall In Stunning Pro Tour Victory
Taylor followed up his perfect leg in Saturday's Players Championship with victory in the event, and came close to completing a flawless weekend 24 hours later.
He kicked off the day with a nine-darter in coming from behind against Peter Hudson in round one - hitting 180, 180 and a 141 finish to earn another £400 bonus - and also took victories over Jyhan Artut, Steve Evans, Brendan Dolan, James Wade and Kim Huybrechts to reach the final against Chisnall.
The St Helens ace evoked memories of his World Championship victory over Taylor in December by coming from 2-1 down early on to win three straight legs and lead 4-2 as the Stoke legend faltered on his doubles.
Taylor hit back with legs of 13, 12 and 14 darts to move 5-4 up, with Chisnall finishing a pressure 92 to send the game into a deciding leg.
Taylor was first to a finish, but opted against throwing for the bull on a 161 combination, and then missed three darts at double 16 as Chisnall stepped in to land double 18 for the triumph.
The win was Chisnall's second on the PDC ProTour in the past six months, and puts him a step closer to qualification through the ProTour Order of Merit for the likes of the World Matchplay, European Championship and World Grand Prix.
"It feels good beating Phil after what happened at the World Championship," said Chisnall. "He could have won this game but he missed a couple of doubles there and I took my chances.
"This time last year I would have lost a few of the games that I won today but I'm getting stronger and getting better.
"I've done well so far this year and felt good coming into this event. My goal again this year is to get into all the TV events and this win pushes me on a little bit further."
Chisnall opened the day with wins over Canada's Jeff Smith, Holland's Co Stompe and experienced star Dennis Smith before dropping only one leg in victories against McCoy's Premier League Darts stars Simon Whitlock and Andy Hamilton.
He then defeated Steve Beaton 6-5 in the semis, hitting a 14-darter in the deciding leg to win through to the final.
Huybrechts' run to the semis means that the Belgian has reached at least the quarter-finals in four of the six ProTour events held this year since he also made the last eight in the World Championship.
Beaton enjoyed his best run since November as he reached the semis, while Derby's Jamie Caven produced his best form since October as he won through to the quarter-finals before missing on dart to defeat the former World Champion in the deciding leg.
World number three James Wade, five-time World Champion Raymond van Barneveld and World Championship finalist Andy Hamilton also reached the quarter-finals, and newcomer Liam Kelly made the last 16 for the first time as a professional.