A phrase is kind of like a section or "phrase" that makes up the song. You can think of a song as a single entitie, but it's made up or composed of any number of smaller entities. Each phrase may or may not have a different playing style to it. Phrasing refers to how each individule section or phrase is played, hence the name phrasing.
If I didn't make any sense to you, don't worry it, it happens all the time. I'll be more than happy to clarify myself if anyone needs it.
1 Peter 2:16