Analyzing available photometry from Hipparcos, ASAS, Pi of the sky and Super WASP, we found that the system SY Phe is a detached eclipsing binary with similar components and orbital period about 5.27089 days. It has a slightly eccentric orbit, however the apsidal motion is probably very slow.
The system undergoes an additional photometric variation on longer time scales superimposed on the eclipsing light curve. It also contains one distant component, hence the third light was also considered.