Labour justice spokesman Charles Chauvel said the party wanted to increase trust in the system through greater transparency and oversight.
He said the final recourse for those who believed they were wrongly convicted was to apply to the governor-general for the Royal Prerogative of Mercy, which allows for new trials or for convictions to be overturned.
He said the process, which was operated through the Minister of Justice's office, needed to be removed from any connection with political office. "It's not a transparent process. There is a need for something more than we have now."
Mr Chauvel said the discussion inside Labour was whether New Zealand needed an official body to oversee inquiries into miscarriages of justice or if it could be managed through independent people. He was unsure if New Zealand needed a fulltime commission.
He said there would also be a review of the Independent Police Conduct Authority which would ensure investigations were carried out impartially and for good reason.
Mr Chauvel said there should be an appointment to ensure cases were approached in the same way across the country.
Justice Minister Judith Collins said there was no need for a review because New Zealand had one of the best performing justice systems in the world.
Her office cited figures from Transparency International showing New Zealand as the least corrupt country in the world.