It's quite different, actually. The Phil Collins version (the original version) of "Welcome" is very Phil Collins-ish. The version in the parade is sung by what sounds to be a quartet, two guys and two girls and it's uptempo and upbeat.
A more similar version to the show-stop is the Jump5 version of "Welcome" which is in the mega-DLR collection and also available on one of Disney Mania collections, I believe Volume 3. There are no official recordings released for sale of POD or BPB for that matter... not yet at least though they seem to be quite in demand.