In a small saucepan, combine the soy sauce, honey, rice vinegar, oil, garlic powder, grated ginger and grated garlic over medium heat. Bring to a simmer and then reduce the heat to low.
In a small bowl, whisk together the water and cornstarch. Pour the mixture into the saucepan and whisk until the sauce thickens, about 1 minute. Remove from the heat. Use immediately or refrigerate for up to 2 weeks.