Phangiso suffered a sprained finger in a domestic match prior to the team's departure for New Zealand and will be sidelined for approximately four to six weeks.
In Peterson, South Africa are swapping like for like with another left-arm spinner, but also gaining a powerful hitter in the lower order who has been in good form for his unbeaten Cape Cobras side in the domestic 50-over competition.
South Africa wrapped up the three-match ODI series in New Zealand in Friday's second game with a 72-run victory and will play the final fixture on Monday in Hamilton.
The Proteas then head to Australia for three Twenty20 matches and five one-day internationals, starting on Nov. 5.
(Reporting by Nick Said; editing by Sudipto Ganguly)
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