The Uruguay international, pictured, was banned for eight matches after being found guilty of racially abusing Manchester United defender Patrice Evra in a match at Anfield in October.
Between the offence being committed and the ban being imposed, Dalglish staunchly defended the striker as the whole club took a hugely defensive stance.
However, Dalglish has now recognised that the case could – and should – have been dealt with differently.
“It would be done completely differently if it ever happened again – and I hope it never does,” he said.
“I wouldn’t say publicly what I would do differently but I know what I would do differently. I would address that. If I have done something wrong I am not shy in saying I have done something wrong. If I can do something better I will try and do it better.
“Everybody can look at themselves, whether they are good, bad or indifferent and say, ‘I could do things much better’.
“That is what I will try to do. I would certainly hope not to do things any worse.”
Dalglish, however, was delighted with yesterday’s result and he praised both sets of fans.
“For the city of Liverpool it’s a fantastic day,” he said. “Obviously the red half is happier than the blue but it was a really difficult game and if you were watching it as a neutral, I’m sure you really enjoyed it.
“The players were magnificent to come back from one nil down. It’s a great day for us, a great day for everybody at the football club.”
Despondent Everton manager David Moyes admitted his side missed the perfect opportunity to reach the FA Cup final and rued his team’s errors.
“We were at fault today because we gave Liverpool those opportunities,” he said.
“If you make mistakes in games it doesn’t win you trophies and unfortunately we made mistakes that gave us no chance of being in the final.”