Pressure and temperature are fundamental physical parameters, so their monitoring is crucial for various industrial and scientific purposes. For this reason, we developed a new optical sensor material that allows monitoring of both the physical parameters. The synthesized material exhibits upconversion (UC) emission of Er3+ in the red and green spectral regions under NIR (975 nm) laser irradiation. These UC emissions are strongly temperature-dependent, allowing multimode temperature sensing, either based on the luminescence intensity ratio between thermal-coupled energy levels (TCLs) or non-thermal-coupled energy levels (NTCLs) of Er3+ ions. Meanwhile, the luminescence lifetime of the 4S3/2 state of Er3+ ions was used as the third temperature-dependent spectroscopic parameter, enabling multi-parameter thermal sensing. Moreover, the observed enhancement of laser-induced heating of the sample under vacuum conditions allows for the conversion of the luminescent thermometer into a remote vacuum sensor. The pressure variations in the system are correlated with changes in the band intensity ratio (525/550 nm) of Er3+ TCLs, which are further applied for optical, contactless vacuum sensing. This is because of the light-to-heat conversion effect, which is greatly enhanced under vacuum conditions and manifests as a change in the intensity ratio of Er3+ bands (525/550 nm). The obtained results indicate that an Y2Mo4O15:Er3+/Yb3+ (YMO) phosphor has great application potential for the development of multi-functional and non-invasive optical sensors of pressure and temperature.