With the lively Alexandra Palace crowd on tenterhooks as the score see-sawed between the two, 16-times champion Taylor came back from 6-4 down to level 6-6 in a classic showdown with the 44-year-old 'Flying Scotsman'.
"There was a set where I played well and went 6-4 up and then after the break Phil took the next two sets and I felt it was gone," Anderson told Sky Sports after two and a half hours of throwing.
"He’s the best and always will be, even in 100 years time. That makes this a wee bit more special," added the Scot, who beat Dutch reigning champion Michael van Gerwen in the semi-finals.
(Reporting by Alan Baldwin, editing by Peter Rutherford)
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