The 'Fastest Girl in Town' singer told OMG Yahoo that she views Swift and Underwood as an asset to country music, rather than "competition".
"I would like to work with [Taylor] and with Carrie Underwood too," Lambert explained, adding: "There is room for [all of] us three."
She went on to say: "We are all three different [styles] of country - well Taylor's kind of all over everywhere - but I think it would be cool for the three of us to collaborate.
"I love girl power. I say the more the merrier! It's not competition. It makes us all look better to help each other."
[Taylor Swift and Carrie Underwood]
Lambert also opened up about currently touring with Dierks Bentley, who she jokingly described as a partner-in-crime.
"It's a big party and that's what me and Dierks both want," she said of their live shows. "We hope when people come to our show for that three hours they aren't thinking about any problems, they are just there to blow off some steam."
The musician will be performing on the 2013 Grammy Awards on the same night as her LP Four the Record is nominated for 'Best Country Album'
LL Cool J hosts the 2013 Grammy Awards, airing on February 10 on CBS.
Watch Miranda Lambert's 'Fastest Girl in Town' music video below: