Mix Wasabi Powder: In a small bowl, combine the wasabi powder with water to create a smooth paste. Let it sit for 2-3 minutes to enhance the flavor.
Combine Ingredients: Add mayonnaise, soy sauce, rice vinegar, and honey to the wasabi paste. Mix well.
Adjust Seasoning: Taste and add a pinch of salt or more honey to balance the flavor.
Adjust Consistency: If the sauce is too thick, stir in a few drops of water until it reaches your desired consistency.
Serve Fresh: Use immediately or store in the refrigerator for up to 3 days in an airtight container.