Wigan Athletic forward McManaman escaped punishment during Sunday's Premier League game despite a high challenge, which forced Newcastle United's Haidara off with a knee injury, and the Football Association is unable to take retrospective action.
As they wait to learn the full extent of Haidara's injury, Newcastle have been left furious at the FA's inability to act after the incident and have branded current disciplinary procedures as 'not fit for purpose'.
And Taylor, who was on Wednesday involved in a meeting between various stakeholders in the game and was consulted by the FA on their decision, thinks there is a need to change the procedures in order to address issues, such as unpunished fouls, simulation or controversial red cards.
"I feel there is a need for a review system," Taylor told Sky Sports News. "We have been asking for some time for a panel of experienced people from within the game to look on a Monday morning at simulation, any abuse or tackles or red cards.
"I think there is going to be a similar inquiry into how we can deal with a situation when the referee says he has not seen it and the assistant referee was quite some way away from it."
Taylor added: "There is an overriding principle that the referee has got to be in charge of it.
"But I think that when we have technology there has got to be an ability to look at things with a few views of the incident and then take appropriate action if necessary for the good of the game."