Exceptional points (EPs), the critical phase transition points of non-Hermitian parity-time (PT) systems, exhibit many novel physical properties and associated applications, such as ultra-sensitive detection of perturbations. Here, a bilayer metasurface with two orthogonally oriented split-ring resonators (SRRs) is proposed and a phase transition of the eigenpolarization states is introduced via changing the conductivity of vanadium dioxide (VO2) patch integrated into the gap of one SRR. The metasurface possesses a passive PT symmetry and an EP in polarization space is observed at a certain conductivity of the VO2. Two sensing schemes with the metasurface are proposed to achieve high-sensitivity sensing of temperature and refractive index in the terahertz (THz) range. The metasurface is promising for applications in THz biosensing and polarization manipulation.