Add the red wine vinegar, tomato ketchup, honey (or granulated sugar if substituting), Worcestershire sauce, smoked paprika, garlic powder, and onion powder to your blender.
Secure the lid on your blender and blend all ingredients together until you have a smooth, creamy mixture. This should take about 30 seconds.
Slowly add the oil in a steady stream while the blender is running at low speed.
Taste the dressing and, if needed, adjust the seasonings. Add more honey or sugar for sweetness, more vinegar for acidity, or more spices for flavor.
You can serve the dressing immediately, or store it in the fridge. It will last for up to two weeks in a sealed container. Remember to shake well before using if it's been stored in the fridge.