In a medium bowl, whisk together mayonnaise, Dijon mustard, and horseradish sauce until smooth.
Add Worcestershire sauce, garlic powder, smoked paprika, cayenne pepper, honey (if using), salt, and black pepper. Whisk until fully combined.
Taste and adjust seasoning as needed (add more cayenne for heat or honey for sweetness).
Transfer the sauce to an airtight container and refrigerate for at least 30 minutes to let the flavors meld.
Serve chilled with grilled meats, seafood, fries, or as a dipping sauce. Store in the fridge for up to 1 week.