Bellamy, 32, has received four bookings in 195 minutes of football - all for either unsporting behaviour or dissent - but Dalglish does not believe he deserved any of them.
And while the Scot stopped short of explicitly accuse the referees of picking on his Wales forward, he expressed concern at the nature of his cautions.
"Craig has been booked four times and he hasn't deserved any of them," Dalglish said. "You would hate to believe there is an agenda against him.
"You would like to think that if you had been unlucky four times, you would not be unlucky for a fifth. Mind you, you might have said that after the first two. One of the bookings was at Fulham when Dempsey stuck his head in Craig's face.
"When he was booked at Wigan, we asked the ref why and he said, 'Craig knows' - but he didn't. And there was another against QPR when Joey Barton approached him. I haven't seen any of them as reasonable.
"It's all well and good having rules but the rules should be the same for everyone, not split up for different people."
But despite Bellamy standing on the brink of picking up a suspension, Dalglish insists he has no plans to rest him for Blackburn's visit to Anfield on Monday.
"If Craig needs to play, he will play," Dalglish said. "We have just got to take that chance."