Disarming Phantoms
According to one of the hints that show up on Mass Effect 3's loading screens, you can disarm a Phantom, significantly reducing their threat level.
How does someone do this? The closest I've seen someone disarm an enemy is a Guardian dropping his shield.
It's as simple as shooting its hand.
"It is possible to shoot the Phantom's sword from its grasp, making the Phantom vulnerable to attacks without the worry of being attacked with its fatal melee."
This is taken from the mass effect wiki, under tactics on the Phantom page.
You can shoot the sword out of their hand, disabling their instant-kill ability. Just shoot the sword and it'll fall out of their hand, it's tricky though since they move so fast. Cryo ammo/blast can help slow them so you can knock out their swords easier.
A shotgun blast directed near their sword can usually do it.