The Football League has announced that it will investigate the reasons for the lack of black, asian and other ethnic coaches in the game, with only Powell and Carlisle United's Keith Curle holding management positions.
Powell feels that a rule similar to the 'Rooney Rule', which governs employment regulations in the NFL, could work in England.
He told talkSPORT: "I think there's an avenue we can go down, not entirely the Rooney Rule, but I think there's an avenue we can go down because people get despondent.
"Black coaches and ethnic minority coaches do get despondent. I've spoken to them, I've had chats with them in the summer at St George's Park. There's a lot of work going on at the FA and at the PFA but there's a long way to go.
"I just feel the Premier League, the Football League, the PFA and the LMA, they all have to – if they're serious about it – get around the table and see what route is best for us in the UK."
Powell has been in charge at Huddersfield since September and previously managed Charlton Athletic.