TFC came back to lead after going a goal down, but the Red Bulls' English import stole a result for the hosts.
Peguy Luyindula had sent the home team into the half up 1-0, heading in a cross from debutant left back Ambroise Oyongo, but Toronto struck back in the second half.
Jermain Defoe turned in Dominic Oduro's low cross at the near post to equalize in the 55th minute. The Englishman was much less happy 17 minutes later, when fellow DP striker Gilberto argued him off a dangerous free kick, but it was all smiles and laughs when the Brazilian blasted the ball into the net to take the lead.
New York equalized deep into stoppage time, with Tim Cahill heading a ball into the path of Wright-Phillips just in front of the goal, and the Englishman buried the chance.
Toronto is now 6-4-2 on the year, in fourth place in the Eastern Conference. New York is one place and one point back, on a 4-5-7 record.