Suarez was handed an eight-match ban at the end of last year, having been found guilty of racially abusing Manchester United's Patrice Evra, and Dalglish and Liverpool received criticism for their defence of the Uruguayan.
Now, Dalglish acknowledges that he could have handled the situation in a different way.
"It would be done completely differently if it ever happened again - and I hope it never does. I wouldn't say publicly what I would do differently but I know what I would do differently. I would address that," the Scot told ESPN.
"If I have done something wrong I am not shy in saying I have done something wrong. If I can do something better I will try and do it better. Everybody can look at themselves, whether they are good, bad or indifferent and say, 'I could do things much better'.
"That is what I will try to do. I would certainly hope not to do things any worse."
Liverpool have been disappointing in the league this season, sitting in a href="/football/premier-league/table.html">eighth place, but will play in the FA Cup final after beating Everton 2-1 and having already picked up the Carling Cup.