word2phrase refers to a program in the word2vec toolkit that discovers multi-word phrases in a corpus of words.
From the original word2vec Google Code page:
In certain applications, it is useful to have vector representation of larger pieces of text. For example, it is desirable to have only one vector for representing ‘san francisco’. This can be achieved by pre-processing the training data set to form the phrases using the word2phrase tool, as is shown in the example script ./demo-phrases.sh.