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The Sydney Morning Herald reports that Phibbs was on his stag do on April 21 when the incident occurred. It happened the night after the Waratahs were handed a 29-0 defeat by the touring Lions.
According to the newspaper, Phipps was dressed as a cow at the time.
"The Waratahs are aware of an incident involving halfback Nick Phipps," the club said in a statement to the Sydney Morning Herald.
"The matter is being reviewed and while this process is ongoing, the NSW Waratahs are unable to comment at this time."
According to reports after walking up to the bar and urinating, the 29-year-old was removed from the pub and put in a taxi by his friends.
The Waratahs host the Blues this Saturday at Brookvale Oval.