He had wanted to take the home side's first penalty, awarded in the 30th minute when midfielder Jonathan Williams collected Dean Moxey's ball into the area and was bundled over by Meyler.
Regular penalty-taker Murray, the country's top scorer with 28 goals this season, stepped up instead but keeper David Stockdale dived to his right to pull off a fine save.
Stockdale had looked nervy in the opening stages and almost gifted Palace an early lead when dropping Jacob Butterfield's cross at the feet of Peter Ramage, but his shot was hacked off the line by Ahmed Elmohamady.
The keeper redeemed himself with the penalty save, but could not repeat his heroics when a linesman judged that Jack Hobbs had handled Murray's shot, and referee Mark Heywood pointed to the spot again.
Phillips smashed the penalty down the middle, and Stockdale could not stop the ball rolling over the line despite getting a hand to it.
The striker scored again early in the second half when he collected Zaha's pass and beat Stockdale, despite hitting his shot into the ground.
A minute later, Phillips completed his hat-trick with a deflected effort from another clever pass by Zaha.
Simpson scored for Hull when he headed in Elmohamady's cross, but Zaha ensured there would be no fightback three minutes later with a neat lob over Stockdale.
Meyler nodded in Hull's second right at the end from Robbie Brady's cross, but it was not enough.
Crystal Palace manager Ian Holloway on striker Kevin Phillips:
"The bloke is so professional and is still as fit as a flea. He's got the lungs of a 26-year-old.
"I'm just delighted he understands how I want to use him here.
"I knew that with the wide players we have here he would be the ideal man to get on the end of things."
Hull manager Steve Bruce:
"I've no complaints with the result but that may be the worst penalty I have ever seen.
"It was a shocking, shocking decision. Referees make the decisions but we have to live with them.
"Kevin Phillips has always haunted me over the years and even at this age he is still doing it.
"Then his second was a mis-hit and the third got a deflection so we knew it wasn't going to be our night."
Unfair challenge on Glenn Murray by George Boyd results in a free kick. Direct free kick taken by Stephen Dobbie.
The assist for the goal came from Robbie Brady.
90:00 +1:56 Goal scored
Goal! - David Meyler - C Palace 4 - 2 Hull City David Meyler finds the back of the net with a headed goal from close range. Crystal Palace 4-2 Hull.
Robbie Brady crosses the ball,
90:00 +1:12 Booking
Booking Booking for Damien Delaney.
Free kick awarded for an unfair challenge on Jay Simpson by Damien Delaney.
Jay Simpson takes a shot. Save by Julian Speroni. Effort from deep inside the area by Jay Simpson clears the bar.
The ball is crossed by Yannick Bolasie, clearance by Paul McShane.
Shot from just outside the box by Mohamed Gedo goes over the bar.
Stephen Dobbie takes a shot. Save by David Stockdale. Corner taken short by Stephen Dobbie. Shot from just outside the box by Damien Delaney goes over the crossbar.
Free kick awarded for a foul by Mile Jedinak on David Meyler. The ball is swung over by Robbie Brady, Jay Simpson takes a shot. Julian Speroni makes a save.
The ball is delivered by Ahmed Elmohamady.
Yannick Bolasie takes a shot. Save made by David Stockdale.
Yannick Bolasie takes a shot. Blocked by Jack Hobbs.
Substitution Stephen Dobbie replaces Jacob Butterfield.
Assist on the goal came from Glenn Murray.
76:08 Goal scored
Goal! - Wilfried Zaha - C Palace 4 - 1 Hull City Wilfried Zaha grabs a goal from close in to the bottom right corner of the goal. Crystal Palace 4-1 Hull.
Free kick awarded for a foul by Ahmed Fathi on Wilfried Zaha. Jacob Butterfield crosses the ball from the free kick right-footed from right wing, save by David Stockdale.
Substitution (Crystal Palace) makes a substitution, with Yannick Bolasie coming on for Kevin Phillips.
Assist by Ahmed Elmohamady.
72:14 Goal scored
Goal! - Jay Simpson - C Palace 3 - 1 Hull City Jay Simpson finds the back of the net with a headed goal from inside the box. Crystal Palace 3-1 Hull.
The ball is sent over by Ahmed Elmohamady,
Free kick awarded for a foul by Kevin Phillips on Paul McShane. David Stockdale takes the indirect free kick.
Shot from just outside the area by Ahmed Elmohamady goes over the bar.
Kevin Phillips is caught offside. Free kick taken by Paul McShane.
Substitution Ahmed Fathi on for Stephen Quinn.
Substitution Jay Simpson comes on in place of Robert Koren.
The ball is delivered by Damien Delaney, Paul McShane gets a block in.
Substitution Jonathan Williams leaves the field to be replaced by Jonathan Parr.
Ahmed Elmohamady takes a shot. Blocked by Damien Delaney. Corner taken by Robbie Brady, Julian Speroni makes a save.
Kevin Phillips is ruled offside. Ahmed Elmohamady takes the free kick.
The assistant referee signals for offside against Kevin Phillips. Indirect free kick taken by David Stockdale.
Centre by George Boyd, save by Julian Speroni.
Substitution Paul McShane is brought on as a substitute for James Chester.
Shot from just outside the box by Robbie Brady misses to the right of the goal.
David Meyler concedes a free kick for a foul on Jonathan Williams. Dean Moxey takes the free kick.
Assist on the goal came from Wilfried Zaha.
52:51 Goal scored
Goal! - Kevin Phillips - C Palace 3 - 0 Hull City Kevin Phillips gets on the score sheet with a goal from outside the box to the top right corner of the goal. Crystal Palace 3-0 Hull.
Centre by Ahmed Elmohamady, clearance by Peter Ramage.
Foul by Jonathan Williams on David Meyler, free kick awarded. Direct free kick taken by David Meyler.
Assist by Wilfried Zaha.
51:03 Goal scored
Goal! - Kevin Phillips - C Palace 2 - 0 Hull City Kevin Phillips finds the back of the net with a goal from deep inside the penalty box to the bottom right corner of the goal. Crystal Palace 2-0 Hull.
The assistant referee flags for offside against Mohamed Gedo. Free kick taken by Julian Speroni.
Free kick awarded for a foul by Glenn Murray on David Meyler. David Meyler takes the direct free kick.
The second half kicks off.
45:00 +4:33 Half time
Half Time The ref blows to end the first period.
Assist by Glenn Murray.
45:00 +3:56 Goal scored
Goal! - Kevin Phillips - C Palace 1 - 0 Hull City Placed penalty scored by Kevin Phillips. Crystal Palace 1-0 Hull.
Glenn Murray takes a shot. Jack Hobbs is penalised for handball and concedes a .
Centre by Stephen Quinn, clearance made by Damien Delaney.
Stephen Quinn delivers the ball, clearance made by Peter Ramage. Robbie Brady takes a corner.
Unfair challenge on Jonathan Williams by George Boyd results in a free kick. Free kick taken by Damien Delaney.
Dean Moxey gives away a free kick for an unfair challenge on George Boyd. Direct free kick taken by George Boyd.
Mile Jedinak takes the free kick.
Booking The referee cautions David Meyler for unsporting behaviour.
Free kick awarded for a foul by David Meyler on Jonathan Williams.
Kagisho Dikgacoi produces a cross, clearance by Alex Bruce.
Ahmed Elmohamady concedes a free kick for a foul on Dean Moxey. Julian Speroni takes the indirect free kick.
Shot from just outside the box by Robert Koren goes over the bar.
Short corner worked by Jacob Butterfield.
Penalty taken by Glenn Murray is saved by David Stockdale. Crystal Palace 0-0 Hull.
David Meyler gives away a Penalty for an unfair challenge on Jonathan Williams.
Free kick awarded for an unfair challenge on Stephen Quinn by Wilfried Zaha. Alex Bruce crosses the ball from the free kick right-footed from left wing, save by David Stockdale. Free kick awarded for a foul by Damien Delaney on Mohamed Gedo. Free kick taken by James Chester.
Unfair challenge on Glenn Murray by Alex Bruce results in a free kick. Jacob Butterfield takes the free kick.
George Boyd fouled by Damien Delaney, the ref awards a free kick. David Meyler takes the direct free kick.
Stephen Quinn challenges Wilfried Zaha unfairly and gives away a free kick. Free kick crossed right-footed by Jacob Butterfield, Mohamed Gedo makes a clearance. Jonathan Williams has an effort at goal from just inside the box that misses to the right of the target.
Foul by David Meyler on Glenn Murray, free kick awarded. Direct strike on goal from the free kick comes in from Mile Jedinak, James Chester gets a block in.
Mohamed Gedo concedes a free kick for a foul on Mile Jedinak. Dean Moxey takes the free kick.
Dean Moxey fouled by Mohamed Gedo, the ref awards a free kick. Free kick taken by Dean Moxey.
Centre by Ahmed Elmohamady, clearance by Peter Ramage.
Foul by Ahmed Elmohamady on Dean Moxey, free kick awarded. Jacob Butterfield restarts play with the free kick.
Free kick awarded for a foul by David Meyler on Glenn Murray. Direct free kick taken by Mile Jedinak.
Ahmed Elmohamady produces a cross.
The ball is delivered by Stephen Quinn, save made by Julian Speroni.
The ball is swung over by Ahmed Elmohamady, clearance made by Damien Delaney. Inswinging corner taken from the right by-line by Robbie Brady.
Robbie Brady takes a inswinging corner from the left by-line played to the near post, Kevin Phillips makes a clearance.
Free kick awarded for a foul by Ahmed Elmohamady on Jonathan Williams. Damien Delaney restarts play with the free kick.
Inswinging corner taken by Robbie Brady from the left by-line, save by Julian Speroni.
Mohamed Gedo takes a shot. Blocked by Damien Delaney.
Foul by James Chester on Wilfried Zaha, free kick awarded. Free kick crossed by Jacob Butterfield, save by David Stockdale. Damien Delaney takes a shot. James Chester gets a block in. The referee blows for offside against Kevin Phillips. David Stockdale takes the indirect free kick.
Effort from a long way out by Robert Koren goes wide right of the target.
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