I am looking for a recipe for royal icing that's made with powdered egg whites - not meringue powder or liquid egg whites. Powdered egg whites are a lot cheaper than meringue powder and I hate the waste associated with using regular egg whites (unless I need the yolks for pastry cream or something else).

I hear making royal icing with egg albumin powder is big in Europe, but I can't seem to find any recipes for the stuff.

Sure you can. Meringue powder is basically dried egg white powder mixed with a little sugar, gum, and starch.

Here's a link to a recipe: http://lilaloa.blogspot.com/2011/05/royal-icing-with-dried-egg-whites.html