Place the stainless steel inner pot inside the Instant Pot® and add the brussels sprouts and water.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Steam and set the time to 8 Minutes. Once the time is up, press Cancel and turn the steam release handle to Venting.
In a bowl, put the lemon juice, olive oil, honey, salt, pepper, and cayenne pepper. Mix the dressing with a hand mixer or whisk.
Remove the Brussels sprouts from the Instant Pot® and serve with the dressing.