Speculation was mounting that Philbin, 53, would be sacked at the end of the NFL season following back-to-back losses to the Baltimore Ravens and New England Patriots.
The Dolphins (8-7) were outscored 48-3 in the second half of those losses but they returned to form on Sunday, edging the Minnesota Vikings 37-35 in a thriller.
That win appears to have convinced Ross to stick with Philbin, who has one year remaining on the deal he signed when he took the job in 2012.
"You guys all have a good Christmas, you don't have to write about it. The coach is coming back," Ross told reporters.
"It's frustrating that we didn't make the play-offs. I feel as bad as everybody.
"But I think we're building something here and I believe in the coach.
"I've looked at the whole situation, as I've been looking at it all year. Coach has got a year on his contract. We're bringing him back."