"I think he [Romney] is an underdog. I think he would acknowledge he's an underdog, particularly here in Wisconsin, but I think anyone looking at the results last night would acknowledge that it's now competitive in Wisconsin," Walker said on MSNBC's "Daily Rundown."
"The key for Gov. Romney to be competitive enough to win is, I think, he's got to lay out a clear platform, something similar to what our friend [Rep.] Paul Ryan [R-Wis.] has done just down the way … and I think if he does something like that and he makes a compelling case to the people of Wisconsin that he's willing to take those kinds of risks to get America back on track … he can win," Walker said.
His comments on the upcoming presidential election were more tempered than those of Republican National Committee Chairman Reince Priebus, who in a memo released Wednesday called the recall result "an absolute disaster for President Obama."
Walker, who survived the recall attempt by defeating Milwaukee Mayor Tom Barrett (D) Tuesday in the nationally watched race, said his mandate now is to "move on and move forward."
"The election's over; we're no longer opponents in the state, we're Wisconsinites, and I think the real test for us now is to figure out, how do we take the successful victory and apply it to getting things done, bringing people together?" he said.
The election result dealt a huge blow to Democrats and unions, which began taking steps to recall Walker after he successfully pushed to end collective bargaining for state employees early last year, a move that angered many in labor and sparked mass protests.
Walker said he believed the reforms he put in place have had a positive effect, but admitted that he struggled with communicating his vision for fixing the state's economy to his constituents.
"I was so eager to fix it, I didn't talk about it. Most politicians talk about it, they just never fix it. In the future what I've learned from this is we need to talk about it. We need to bring people into the mix. We need to be transparent and inclusive in the process," Walker said.
When pressed on whether he was comfortable with the outside money spent on the election, which contributed to his spending advantage, the Wisconsin governor called for a change to the overall recall process in the state.
"I think most people in my state today wake up saying they don't want to go through this again, be they Democrat of Republican. I think recalls for most of us here, we think, should be about misconduct in office, not just open-ended," he said.
A loophole in Wisconsin law allowed Walker to raise unlimited donations from individuals for months before his opponent could begin fundraising. Walker brought in nearly $30 million and outspent Barrett by around 10 to 1.
Once all the numbers are calculated, total spending on the race might have doubled the maximum ever spent previously on a political contest in Wisconsin.
"It started out with the national special interests on the left and finished with every special interest right or left in America seemingly involved in the state," Walker added.