Bailey hit three in QPR's shock 4-1 victory on January 1, 1992 - then watched as Alex Ferguson's men lost out to Leeds in the battle for the League.
Bailey, 43, retired from playing in 2007 and now works as a coach for community groups and for the Solihull Renewal Church in Birmingham.
He said: "Old Trafford probably didn't have quite the same fear factor it does for teams now. We just had one of those days where it all clicked. It had a real impact on United. They were looking odds-on for the title at the time but they started to slip after that result and Leeds caught them.
"They have a lot more experience in how to deal with that kind of situation now, but it's still difficult and losing so heavily to Liverpool might have an effect on them this time."