In a mixing bowl, combine rice, onion, 1/4 beef broth, Worcestershire sauce, garlic powder, allspice, salt and pepper. Add ground beef to the bowl and fold into mixture.
Form the meat mixture into 1 1/2-inch balls.
Warm the pressure cooker, with the lid off. Heat oil on HIGH or “brown”, until sizzling.
Place meatballs in pressure cooker and brown on at least 2 sides. Work in multiple batches to cook all the meatballs. Once meatballs are all browned, return all of the meatballs to the cooker.
Pour pasta sauce, 1/3 cup beef broth and sugar over meatballs in the pressure cooker and securely lock the lid. Set for 8 minutes on HIGH.
Let the pressure release naturally 10 minutes before performing quick release for remaining pressure. Set cooker to LOW or “warm” and serve right out of pot.