Combine dry ingredients: Stir together first 4 ingredients in a large bowl until well blended.
Mix bourbon and corn syrup: In a separate bowl, stir together bourbon and corn syrup until well blended.
Combine bourbon mixture and water mixture: Stir bourbon mixture into the wafer mixture.
Roll bourbon balls: Shape into 1-inch balls. Roll in powdered sugar.
Chill bourbon balls: Place finished bourbon balls in a lidded container, cover, and chill at least 30 minutes. Store chilled in a container up to 2 weeks.
