The 'Freaks and Geeks' alum also dished on her upcoming late night talk show and her friendship with Michelle Williams.
Late last month, a video went viral, showing Lohan busting out some dance moves while partying at her club, Lindsay Lohan Beach House, in Mykonos.
After someone at the club posted the video of the Mean Girls star dancing next to the DJ booth in a silver jumpsuit -- while shooting scenes for her upcoming reality series Lohan Beach Club -- the actress herself jumped into the mix and reposted it, challenging people to recreate her moves.
One of the first celebs to try it was Philipps, and she explained to ET's Katie Krause at a pre-Emmys party on Saturday that the video was meant as an "homage" to Lohan and her spirit of fun.
"I thought, 'Girlfriend’s living her best life in Mykonos,' and I was at home on a Friday night with my kids and my friends and we thought, 'OK, we can do this,'" Philipps recalled.
On Aug. 31, Philipps and her friend Kelly Oxford did their best to recreate Lohan's moves in her kitchen and were surprised at how deceptively hard they were to pull off.
"@kellyoxford and I are trying our best to give you full Mykonos Lohan this Friday night- Honestly, it's weirdly harder to nail than it seemed. Respect," Philipps captioned the clip.
Philipps told ET that Lohan "hasn’t reached out directly" to her about her take on the challenge, but that she "obviously embraced" the video since she was the one who re-posted it.
"I feel like she’s owning that she, like, has the moves," Philipps shared.
She may one day get the chance to speak to Lohan. That is if the actress ever comes on Philipps' upcoming E! Talk show. However, Philipps said they are still working out the details about the show and bookings as it gets closer to the premiere.
"We’re going through it right now and we’re booking our talent and it’s really great," said Philipps, who also teased that her long-time best friend, four-time Oscar nominee Michelle Williams, will "of course" be one of her guests -- although maybe not during the premiere week.
"It’s actually my goddaughter’s birthday, my premiere week and it’s Halloween so that’s like a lot happening," said Philipps, who is the godmother of Matilda Ledger, Williams' 12-year-old daughter with late husband, Heath Ledger.
Philipps said another "dream guest" would be Ann Dowd, who has been receiving critical praise for her role as Aunt Lydia on The Handmaid's Tale. She also played Philipps' mom in the short-lived cult classic TV dramedy Freaks and Geeks.
"Ann Dowd taught me in one episode when I was 19 years old what it means to be an artist and an actor and I will always be forever grateful about that," Philipps shared.
She explained that she hasn't talked with Dowd in years but would "love to see my mom" as a guest, and maybe even host some form of a Freaks and Geeks reunion on her upcoming show.
The star's late night talk show, Busy Tonight, debuts Oct. 28 on E!.