With injury time looming, the 18-year-old curled a right-footed effort into the far corner to settle a thrilling contest at Prenton Park and make it four wins from four in Premier League 2 for the young Reds.
With first-team opportunities having proven hard to come by so far this season, both Marko Grujic and Danny Ings were included in Neil Critchley's line-up.
The latter in particular evidenced his senior pedigree in the early exchanges, setting up a Matty Virtue drive that was well blocked before twice going close with efforts of his own.
The first of those, a left-footed shot from inside the box, was athletically saved by Daniel Grimshaw, while the lobbed attempt that followed only found the top of the net.
The Reds' strong start was almost rewarded in the 21st-minute, when Harry Wilson clipped the bottom of the post with a free-kick won after a brilliant dribble from the Welshman.
But the hosts could not find the breakthrough their dominance deserved before half-time, and lost the dangerous Ings to injury before then, the striker being replaced by Dhanda.
Liverpool continued to build on the promise of their first-half performance following the restart, but were met by an improved City showing that made for an end-to-end contest.
For that reason, both goalkeepers had plenty of opportunities to show their quality - something they did repeatedly during a breathless second period.
LFCTV GO: Watch highlights of the City clash
Grimshaw in the visitors' goal did brilliantly to keep out a low Rhian Brewster strike and Dhanda's curling free-kick, while Kamil Grabara produced memorable stops from both Jacob Davenport and Taylor Richards.
It soon became clear that it would take a moment of inspiration to beat either man, and that is exactly what Dhanda provided with just over a minute of normal time remaining.
The Birmingham-born forward did well to work space on the left-hand side of the box before unleashing an unstoppable shot that extends a dream start to the season for Critchley's side.
Liverpool U23s: Grabara, Whelan, Johnston, N. Phillips, Jones, Coyle (Brannagan, 64), Wilson, Virtue, Ings (Dhanda, 36), Grujic, Brewster (Adekanye, 80).
Unused subs: Kelleher, Masterson.