The win moves the United States to 7-0 (5-0 second round record) and guarantees a spot in the final four, scheduled for Tuesday and Wednesday.
The wild 12th inning was highlighted by a two-run double by Rockies catching prospect Jordan Pacheco.
Under the international tiebreaker rule, established before the 2008 Olympics, each team starts the inning anywhere in the lineup it chooses with runners on first and second. U.S. manager Ernie Young began the inning with his eighth and ninth hitters -- Brian Barden (Marlins) and Chase d'Arnaud (Pirates) -- at second and first and Mike Trout at bat.
The former first-round pick reached on a fielder's choice, with Barden safe at third on a close play. With the bases loaded, Pacheco doubled to left, scoring Barden and d'Arnaud. The U.S. wasn't done, however, as Texas League MVP Mike Moustakas (Royals) was intentionally walked to load the bases. After Brad Eldred (Rockies) flied out, Royals prospect Eric Hosmer hit a grounder to first baseman Javier Colina, who stepped on first but threw wildly to the plate, allowing Trout and Pacheco to score.
In the bottom of the 12th, Venezuela also loaded the bases after Mariners farmhand Nick Hill hit the leadoff man. Justin De Fratus (Phillies) relieved and retired the next three batters, allowing just one of the inherited runners to score.
Hill and De Fratus joined Andre Lamontagne (Brewers) and Bruce Billings (Rockies) to stymie Venezuela. The quartet combined to work eight innings and yielded an unearned run on three hits, striking out eight without walking a batter. The four relievers followed Royals prospect Everett Teaford, who gave up two earned runs over four innings, walking two and fanning three.
Hill (2-0) earned the win, while De Fratus garnered Team USA's first save of the tournament.
Phelps and Barden had two hits apiece for Team USA, which faces Canada (4-3, 2-3) on Sunday at 2 p.m. ET at Hiram Bithorn Stadium in San Juan. Monday marks the final second-round game for the U.S. when it takes on Cuba at 7:30 p.m. at Paquito Montaner Stadium in Ponce.
FORMIDABLE OPPONENT: Venezuela, the IBAF's ninth-ranked team in the world, is the last team to beat Team USA at the professional level when it posted a 13-9, 11-inning victory at the IBAF World Cup on Sept. 10, 2009 in Regensburg, Germany. Since then, Team USA professional teams have won 21 straight games in tournament play.
ANDRE THE GIANT: Lamontagne pitched three innings of shutout relief for Team USA. The Brewers prospect yielded only two hits while striking out four. He was 7-6 with a 3.01 ERA in 40 games across three Minor League levels this season.
TROUT POWER: Trout led off the game with his second home run of the tournament. The blast to center field traveled approximately 415 feet. The 19-year-old Angels prospect slugged 10 homers this season during stints with Class A Cedar Rapids and Class A Advanced Rancho Cucamonga.
RAINING K's: After a rain delay of 2 hours and 2 minutes, Team USA and Venezuela pitchers combined for 24 strikeouts, with Venezuela striking out 13 and the U.S. fanning 11.
TIEBREAKER RULE IN EFFECT: The international extra-inning tiebreaker rule, was established by the IBAF in 2008, was put into play in the 12th inning. The rule has each team start its half of the inning at any point in its lineup with runners on first and second. In the top of the 12th, Team USA scored four runs, two on Jordan Pacheco's double, while Venezuela answered with one run.