In the present study, two palladium-based ternary alloys, with nominal compositions of Pd-4.9 wt pct Rh-0.72 wt pct V and Pd-5 wt pct Rh-1 wt pct Co, were spray atomized into micron-sized powders using a high-energy gas atomization technique. Solute segregation in the spray-atomized powders was systematically investigated. It was found that, as the powder size decreases, the solute segregation level decreases, either in terms of standard deviation of solute content from the average value, or in terms of the percentage of segregation-free regions in the powder, or in terms of the maximum (Rh)/minimum (Co, V) solute content in the powder. Moreover, theoretical analyses were carried out to evaluate the percentage of segregation-free regions, as well as the maximum/minimum solute content, in each powder. The theoretical analysis indicated that, among the different mechanisms governing the solute segregation behavior, undercooling levels experienced by the droplets, both prior to and after nucleation, played the most important role in decreasing the solute segregation level as the powder size decreased.