The Gunners were dumped out of the UEFA Champions League at the last-16 phase by Monaco on Tuesday as a result of the ruling.
The north London outfit had lost the first leg 3-1 at the Emirates and despite their 2-0 victory in the return leg at Stade Louis II, it was not enough to see them progress in the competition.
Chelsea had suffered the same fate against Paris Saint-Germain one week prior after their last-16 tie finished 3-3 on aggregate, with the French champions clinching a 2-2 draw in the second leg at Stamford Bridge.
Wenger has previous experience with what he feels is an antiquated law, after the Premier League club also exited the last-16 on away goals to Bayern Munich in 2013.
Speaking at a news conference, the Frenchman said: “Two Premier League teams have gone out on away goals and that should be questioned.
“It is a rule that is outdated now and needs to be changed. I have fought for that for a long time.
“This rule was created in the ’60s to favour teams to attack away from home, but since then football has changed.
“The weight of the away goal counts too big today. We should count it [away goals] after extra time, like we do in the League Cup in England.”