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Preheat oven to 350°F. For the Cocktail Meatballs, beat egg and milk in large bowl. Stir in bread crumbs, minced onions, seasoned salt, garlic powder and pepper. Add ground beef; mix well.
Shape into 1-inch meatballs. Arrange meatballs in 15x10x1-inch baking pan.
Bake 15 to 20 minutes or until cooked through. Drain well.
For the Sweet Chili Sauce, mix grape jelly, ketchup and chili powder in skillet on medium heat. Cook and stir until jelly is melted and sauce is heated through. Add cooked meatballs; toss to coat with sauce.