Debate has raged since the Magpies' epic four-point win over the Brisbane Lions last Saturday about how players who missed out should be recognised.
It comes after Collingwood stalwart Taylor Adams and key forward Daniel McStay were ruled out through injury and John Noble was overlooked at selection.
Noble played all 23 home-and-away games but was left out of the team for the finals series.
As it stands, only those who play in the winning team on grand final day - plus the senior coach - receive a medal.
Magpies ruck-forward Mason Cox has been particularly strong in his belief that the entire playing squad should be awarded medals.
McRae agreed players who had featured at some stage during the season should be recognised.
"My view is I think they should get a medal," Mcrae told Fox Footy.
"To what length, I'm not sure. I'll leave others to debate that.
"But I think if you've played a game, particularly, in the season - I think that should be a measure of it.
"Dan McStay, Taylor Adams, John Noble ... that cup's not there without those guys."
McRae was awarded the Jock McHale Medal as the premiership coach and believes assistant coaches should also be recognised.
"They gave it to me on stage and I haven't worn it since because it doesn't represent all of our coaches," McRae said.
Collingwood chief executive Craig Kelly on Monday confirmed the club is looking at ways to recognise players, coaches and staff who played roles in the premiership.
It was the Magpies' 16th AFL/VFL premiership, drawing them level with old rivals Carlton and Essendon at the top of the tree.
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