I've been already puzzled by the question, because it doesn't make any sense to me. The more I'm puzzled by the answers given so far. So, here are my 2 cents:
First of all the conception to write something like
P(\psi|\phi)=|\langle \psi|\phi \rangle|^2
doesn't make sense, except, I misinterpret the symbols:
Usually the left-hand side denotes a conditional probability that "and event \psi" occurs, given some "condition \phi". The right-hand side takes two Hilbert-space vectors and the modulus of its scalar product squared (tacitly assuming that the vectors are normalized to 1, as I'll do also in the following). This resembles vaguely Born's rule, but it's not really Born's rule!
One has to remember the very basic postulates of quantum theory to carefully analyze the statement of Born's rule, which partially is interfering with a lot of philosophical ballast known as "interpretation". Here, I follow the minimal statistical interpretation, which is as free as possible from this philosophical confusion.
(1) A completely determined state of a quantum system is given by a ray in Hilbert space, represented by an arbitrary representant |\psi \rangle, or equivalently by the projection operator \hat{R}_{\psi}=|\psi \rangle \langle \psi | as the statistical operator. Such a state is linked to a system by a preparation procedure that determines a complete set of compatible observables (a notion which is explanable only with the following other postulates).
(2) Any observable A is represented by a self-adjoint operator \hat{A}. The possible values this observable can take are given by the spectral values a of this operator. Further let |a \rangle denote the corresponding (generalized) eigenvectors (I don't want to make this posting mathematically rigorous by introducing formally the spectral decomposition a la von Neumann or the more modern but equivalent formal introduction of the "rigged Hilbert space").
(3) Two observables A and B are compatible if the corresponding operators have a complete set of (generalized) common eigen vectors |a,b \rangle. One can show that then the operators necessarily commute [\hat{A},\hat{B}]=0.
(4) A set of compatible independent observables \{A_{i} \}_{i=1,\ldots n} is complete, if any common (generalized) eigenvector |a_1,a_2,\ldots,a_n \rangle is determined up to a (phase) factor and if any of these observables cannot be expressed as the function of the others. If a system is prepared such that such a complete set of independent compatible observables take a determined value, then the system is prepared in the corresponding state.
In the following, I assume that in the case that some of the observables have a continuous part in the spectrum the corresponding eigenvectors are somewhat smeared with a square-integrable weight such that one has a normalizable true Hilbert-space vector |\psi \rangle, which is also a mathematical but pretty important detail, which we can discuss later, if necessary.
(5) If the system is prepared in this sense in a state, represented by the normalized vector |\psi \rangle, then the probability (density) to find the common values (b_1,\ldots,b_n) of (the same or another) complete set of compatible observables \{B_i \}_{i=1,\ldots,n} is given by Born's rule,
P(b_1,\ldots,b_n|\psi)=|\langle b_1,\ldots,b_n|\psi \rangle|^2.
Now the whole construct makes sense, because on the left-hand side we have the probability to measure certain values for a complete compatible set of independent observables under the constraint that the system has been prepared in the state, represented by \psi.
BTW, note that it's the modulus squared not the modulus, which is also very important, because otherwise one wouldn't get a well-definied probability distribution in the sense of Kolmogorov's axioms!
It is important to note that we have in some sense an asymmetry here: The one vector in Born's rule, |\psi \rangle represents the state of a system, which is linked to the system by a preparation procedure to bring it into this state, and the other vector is the (generalized) common eigenvector of a complete set of compatible independent observables, referring to the measurement of this set of observables.
One should note that the clear distinction of the two vectors in Born's rule is crucial for the whole formalism to work also mathematically. Particularly, the dynamics of these vectors is described differently. The mathematical time dependence of both kinds of vectors is determined only up to a time-dependent unitary transformation, which freedom is often made use of in practical calculations.
Usually, in non-relativistic quantum mechanics one starts with the Schrödinger picture, where the state kets carry the full time evolution, according to the equation
\mathrm{i} \hbar \partial_t |\psi,t \rangle = \hat{H} |\psi,t \rangle,
where \hat{H} is the Hamilton operator of the system. The operators and generalized eigenvectors of observables that are not explictly time dependent, are independent of time.
The other extreme is the Heisenberg picture, where the state ket is time-independent, but the Operators representing observables and thus the eigenvectors carry the full time dependence through the equation of motion,
\frac{\mathrm{d} \hat{A}(t)}{\mathrm{d} t}=\frac{1}{\mathrm{i} \hbar} [\hat{A},\hat{H} ].
The most general case is the Dirac picture, where both the state vector and the observables are time dependent, according to the equations of motion,
\mathrm{i} \hbar \partial_t |\psi,t \rangle = \hat{H}_1 |\psi,t \rangle
\frac{\mathrm{d} \hat{A}(t)}{\mathrm{d} t}=\frac{1}{\mathrm{i} \hbar} [\hat{A},\hat{H}_2]
with an arbitrary decomposition of the Hamiltonian as
\hat{H}=\hat{H}_1+\hat{H}_2.
A commonly used Dirac picture is the "interaction picture", where the observable operators evolve as for free particles, i.e., \hat{H}_1 is the kinetic energy only, and the states according to the interaction part \hat{H}_2 of the Hamiltonian.
Of course at the end all these descriptions must lead to the same physical results. Most importantly all the probabilities must be independent of the picture of time evolution, i.e., independent of the split of the Hamiltonian into the two parts within the Dirac picture (of which Schrödinger and Heisenberg picture are only special cases). As one can easily check this works out only when making clearly the distinction between state vectors and the generalized eigenvectors of the observable operators!
So there is an asymmetry in the two vectors involved in Born's rule, and it's a physically very meaningful asymmetry!