Williams was awarded the honour by the city of Wagga Wagga for his work in mental health and suicide prevention.
The former Rabbitohs playmaker and professional boxer said a grand final day protest would begin a conversation about ignored societal and racial issues in Australia.
"I applaud Kaepernick for what he has done and I know he has copped a lot of flak for it," Williams told Rugby League Week. "Imagine if a couple of guys did it on grand final day - what a powerful message it would send to white Australia.
"It could bring all the racism that's in the closet to the surface - the racism that we have to put up with every day. The way we are treated in shops, the way people look at us on the street and the way the government treats us.
"It's time it stopped and our footballers are role models and the ideal ones to bring about change. They need to take a stance. They are only footballers for a short time. They are black men until the day they die."
Corowa, a Balmain legend and Kangaroos representative winger, said the protest could force through change at a government level.
Corowa said a clear message from Cowboys superstar Johnathan Thurston would carry huge weight in starting a national debate on inequality in Australia.
"It's time to send a powerful message to out government, which has not been effective enough in closing the gap between Indigenous and non-Indigenous people," Corowa said. "And all it would take is one player to do it on grand final day.
"I wish someone would have the courage to do it - it would be something to see. Imagine if someone with the respect of Johnathan Thurston did it - what a powerful statement that would make."
Thurston has previously advocated Australian representative teams performing a national war dance before international rugby league Tests.
Kangaroos coach Mal Meninga even said earlier this year he would support Australia performing its own war dance in response to New Zealand's traditional haka.
"I love the idea," Meninga said. "It's something that we need to address. It makes great sense to me with the World Cup next year, 50 years on, that we do something along those lines. I'm happy to have a look at it.
"Indigenous people are part of Australia (but) I think it's got to be more all encompassing around multicultural values. If we can do something like that and we do it well - that's the more important part - I think it'll be a great spectacle."
Thurston will be front and centre when the Cowboys aim to qualify for the grand final when they take on Cronulla at Allianz Stadium tomorrow night.
