Indiana extended its winning streak to four games, its longest of the season, after letting a 16-point lead slip away.
The Pacers built their big advantage late in the second quarter, but Phoenix came back to move a point in front with 5:19 left in the final period. Indiana then went on a 15-8 surge to finish off the contest.
Hill made 9-of-13 from the field and was one of five Pacers in double figures.
Paul George produced 15 points for Indiana and David West had 14, eight of them coming in the final quarter.
Phoenix was led by 19 points from Sebastian Telfair, his largest total of the season. The Suns have lost four straight.