If you know the file name inside the .zip, just do this:
<?php
$xml = file_get_contents('zip://./your-zip.zip#your-file.xml');
If you have a plain string, just do this:
<?php
$xml = file_get_contents('compress.zlib://data://text/plain;base64,'.$base64_encoded_string);
[edit] Documentation is there: http://www.php.net/manual/en/wrappers.php
From the comments: if you don't have a base64 encoded string, you need to urlencode() it before using the data://
wrapper.
<?php
$xml = file_get_contents('compress.zlib://data://text/plain,'.urlencode($text));
[edit 2] Even if you already found a solution with a file, there's a solution (to test) I didn't see in your answer:
<?php
$zip = new ZipArchive;
$zip->open('data::text/plain,'.urlencode($base64_decoded_string));
$zip2 = new ZipArchive;
$zip2->open('data::text/plain;base64,'.urlencode($base64_string));