Chelsea's World Club Cup semi-final against Monterrey on Thursday sees the competitive debut of GoalRef, which promises to eliminate one of the biggest problems to dog the game.
After years of resisting the use of technology, FIFA finally relented after Lampard was denied a clear goal in England's 2010 World Cup last-16 defeat to Germany.
There are still those who oppose its introduction, including UEFA president Michel Platini, with some even claiming the elimination of refereeing mistakes on goalline decisions would rob football of some of its magic.
But Lampard said: "I think it will add magic."
Insisting the use of technology had improved other sport as spectacles, he added: "We all want calls to be 100% right, whether it goes for or against your team.
"And it will clarify what has happened to everyone - and it will be pretty exciting."
The 33-year-old added: "It's been quite a long time coming.
"I think we're all well aware, not just of my goal or non-goal but especially so many crucial goals over the last few seasons in club and international football.
"It's too important an issue to let it go any more. It's a no-brainer to bring it in and make the calls correctly.
"Of course, it was such a high-profile game in the World Cup, England against Germany, and such a blatant case of the ball crossing the line. It made everybody sit up and take notice a bit.
"Certainly, it would've been a different game. We talk about an emphatic defeat, but if it had been 2-2 at half-time, we would've had the momentum and we could've played without having to chase another goal straight away.
"It would've been a different game. Whether we'd have won, you never know...
"It was painful that summer but football changes. I've moved on. It still catches the nerves a bit when I see it but I can't dwell on that."
Other criticisms of the technology include suggestions it undermines the authority of on-field officials.
Lampard said: "I understand Platini is trying to evolve the game rather than bring in drastic changes - that's his prerogative.
"But, for me, you need to respect the referee with every decision.
"We're asking for a clear decision on goals, which is the most important part of the game.
"With the speed of the game at this level, you can't ask any human to make that call correctly every time."
Lampard did agree with Platini that the use of technology should not be extended.
"If you tried to use it everywhere then Platini would be right," he said.
"On this one, I very much think it should be brought in, but that's it."