The Roma boss confronted the English official in a car park after his side's defeat to Sevilla in the Europa League final.
Mourinho branded Taylor a 'f****** disgrace' after labelling his display 'bulls***' after Roma were beaten on penalties.
Ex-Crystal Palace owner Jordan, who is a big fan of the former Real Madrid and Chelsea manager, has previously defended Mourinho from claims he was 'finished'.
The talkSPORT host, however, claims the 60-year-old overstepped the mark following the match at the Puskas Arena in Budapest.
Jordan said: "When you start accusing referees of bias, saying they're Spanish-leaning, you're taking he game to a place and space that it shouldn't be taken to.
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"He needs to be sanctioned for this outburst, because we need to create a culture in the game where referees are more valued.
"And while referees need to be held accountable, they need to be built up as a profession, we need the best in class, we need them to be supported."
Jordan added: "What, is he being coached by Tyson Fury? It's not on. Emotions run high, we know that, but there is a point where you step over the line.
"I just think it's a sentiment being built into football that people can say whatever they please."
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Mourinho clashed with officials through the contest, which saw Sevilla win 4-1 on penalties, securing a record seventh Europa League.
The Portuguese boss, who threw his medal into the crowd at full-time, could be seen shouting on the edge of the pitch and being restrained while arguing in extra time.
"Next year we won't be playing the Champions League and that's a good thing because we're not made for it," he said post-match of ref Taylor.
"And let's hope that Taylor, only officiates games in the Champions League and does the same bull**** there that he did tonight, and not in the Europa League.
"It was an intense, vibrant game with a referee who seemed Spanish," Mourinho said. "It was yellow, yellow, yellow all the time."