Combine Ingredients:
In a medium bowl, whisk together mayonnaise, ketchup, horseradish, Worcestershire sauce, hot sauce, garlic powder, and onion powder until smooth.
Season:
Add lemon juice (or vinegar), and season with salt and pepper to taste. Adjust sweetness or tanginess by adding a little more ketchup or lemon juice if desired.
Chill:
Cover the dressing and refrigerate for at least 30 minutes to let flavors meld.
Serve:
Use as a spread for sandwiches, a dip for veggies, or a dressing for salads.