The clamour for this follows the Football Association causing an outcry by failing to punish Wigan's Callum McManaman for his reckless tackle on Newcastle's Massadio Haidara.
The issue will be discussed in greater depth at English footballer's stakeholders' annual meeting this summer.
And Taylor thinks that more 'room needs to be given to review incidents'.
He said: "We are not saying matches should be re-refereed on a Monday morning but my feeling is there has got to be room to review such incidents.
"If there is a high-profile incident and the referee has not seen it and the referee's assistant has not seen it clearly then that should be dealt with.
"We could have a review panel made up of experienced people from within the game and it could also look at incidents of simulation, which I feel is another big problem in the game.
"If we are not careful we will get into areas of ambiguity and saying a dangerous tackle is 'not exceptional enough'.
"If there is any doubt for such incidents, for red cards that are being challenged and for simulation there is no reason why they shouldn't be looked at."