Here's the balanced chemical equation for the reaction:
2 P + 3 I₂ → 2 PI₃
This reaction is typically carried out by directly reacting red phosphorus with iodine in a suitable solvent, often carbon disulfide (CS₂).
Important Note: The reaction is exothermic and can be quite vigorous. It's crucial to handle phosphorus and iodine with care, and to use appropriate safety precautions when conducting this reaction.