Put steamer basket in the pressure cooker pot. Add the water, potatoes and place the eggs on top of potatoes. Place lid on pressure cooker and lock into place. Select high pressure and set to 4 minutes.
When the four minutes is done, quick release pressure. Remove the lid when the pressure is released. Remove the steamer basket from the pressure cooker. Gently place eggs in cold water. Allow potatoes to cool.
In a large mixing bowl combine the mayonnaise, yellow mustard, salt, pepper, onion powder, garlic powder and paprika. Add cooled potatoes and gently mixed until potatoes are covered in mayonnaise mixture.