The alleged shooter is still at large with the incident reportedly happening at 1.10 in the afternoon.
The Philander family released a statement after Tyrone's death, with Vernon quoted thanking supporters and those reaching out after the tragedy.
"Our family is coming to terms with the brutal murder in my hometown of Ravensmead earlier today. I would like to ask that the family's privacy be respected during this difficult time," Philander said in the statement.
"The murder is now the subject of a police investigation and we respectfully ask that the media give the police the space to conduct a thorough investigation. There are no details around the incident at the moment and speculation will make it very difficult for us as a family to mourn in peace.
"Tyrone is forever in our hearts. May his soul rest in peace."
He also took to Twitter to thank everyone for "the love and support".
Philander announced his retirement from international cricket earlier this year having played 64 Tests, taking 224 wickets at 22.32; as well as 30 ODIs for 41 wickets and seven T20 Internationals with four wickets.
It was in the Test area that he was most successful, bursting onto the scene by reaching 50 wickets, which included six five wicket hauls in just seven matches - the second fastest in Test history.
Arriving on the scene against Australia in 2011, he took 5/15 in the second innings of his first Test, with a second five wicket haul in his second Test to take out the man of the series title.
One of the better swing bowlers in modern cricket history, his 224 wickets are enough for seventh all-time for South Africa.
He finished his international career in January against England but his final match was hijacked by a stunning spray from England's Jos Buttler that saw the wicketkeeper fined.