Add mayonnaise and ketchup to a medium mixing bowl. Whisk until completely smooth and evenly blended with no streaks.
Stir in Worcestershire sauce, garlic powder, onion powder, paprika, black pepper, and a small pinch of salt. Mix thoroughly so the seasoning distributes evenly throughout the sauce.
Taste the sauce and adjust seasoning. Add more black pepper for heat or a little extra ketchup for sweetness if needed.
Cover the bowl tightly and refrigerate for at least 30 minutes. This resting time allows the flavors to fully develop and taste closer to the original Canes sauce.
Stir once more before serving. Serve chilled as a dipping sauce or spread.