First, add tomato paste, vinegar, and water to a saucepan. Keep it over a low flame.
Add brown sugar, molasses, Dijon mustard, and Worcestershire sauce into the pan. Mix everything until it turns smooth.
Now stir in garlic powder, onion powder, smoked paprika, pepper, and liquid smoke (if using).
Let the sauce simmer over medium heat for 15 to 20 minutes.
Taste the sauce to see if any adjustments are needed.
Let the sauce cool down, then transfer it to an airtight glass jar and store in the refrigerator.