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The incident occurred the night after the Waratahs were handed a 29-0 defeat by the touring Lions. Phipps was dressed as a cow at the time.
"The player has been fined $4000, which will be donated to the NSW Positive Rugby Foundation to support community rugby activities," NSW Waratahs' CEO Andrew Hore said.
"Phipps' role as State Club Captain of the NSW Waratahs has also been suspended and his reinstatement to this role will be monitored by the organisation.
"He will be served with a notice relating to a breach of the organisation's Code of Conduct policy."
The Waratahs host the Blues this Saturday at Brookvale Oval.
Phipps said he acted like a goose.
"I certainly remember just after the incident and beforehand, so it was obviously something that happened for a few seconds and then the boys grabbed me and after that it was out of the pub and back home," Phipps said.
"I'm a goose, if I'm going to do the crime, I'll definitely pay the time.
"It's always been in my character to stand up and accept the responsibility. I was a bloody idiot.
"It's one of those things I wanted to front straight away and get the apology out there and make sure that everyone knows how sorry I am."