The Royal Dutch Football Association had proposed testing the technology in next season's Dutch Cup, but the IFAB revealed at its annual general meeting in Belfast that it wants more information before sanctioning an experiment.
"It's the biggest decision which will come out of IFAB ever," said FIFA secretary-general Jerome Valcke. "It's not a question of years; it's making the biggest decision ever in the way football is played.
"I think it needs a lot of discussion. If the referee just relies on information that he is getting (from a video official), is there a risk he becomes not as strong and always asks for confirmation?"
"IFAB did agree that this punishment is too harsh and that we must find a solution to the matter," Irish Football Association chief executive Patrick Nelson told a press conference.
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"IFAB has tasked FIFA to look into the feasibility of implementing this on a global level."
World governing body FIFA had submitted proposals to allow a fourth substitution in matches that go to extra time, but the IFAB referred the matter to its technical panels for further analysis.
The IFAB also approved the use of return substitutions -- allowing players who have been substituted to return to the pitch -- in recreational football.
The IFAB consists of four representatives from the British football associations (England, Scotland, Wales and Northern Ireland) and four representatives from FIFA, each of whom has equal voting rights.
It convenes once a year to discuss and decide on proposed changes to the Laws of the Game.