Um...A timer.
Here's what it would look like:
Event: Touch Powerup
Action: Player.PowerupTimer = 3
Action: Player.Powerup = True
Event: Player.PowerupTimer > 0
Event: Player.Powerup = True
Action: Subtract dt from Player.PowerupTimer
Event: Player.PowerupTimer <= 0
Action: Player.Powerup = False
Something like that anyway. Basically the 3 is in seconds and you subtract the time from 3, and while the timer is above 0 seconds the powerup is active.