Power was named as a vice-captain in 2004, where he won All-Australian selection in 2004. Midway through 2005 he was out of contract and was expected to arrive at the Collingwood FC, but decided he would stay with the Brisbane Lions. He retained the position in 2005. In 2006, he was an inaugural member of the Brisbane Lions Leadership group, under captain Michael Voss. When Voss retired at the end of 2006, Power was named as co-captain of the side in 2007, alongside Black, Lappin, Chris Johnson, and Jonathan Brown. After Johnson's retirement in 2007, Power was one of four co-captains. Lappin's retirement at the end of 2008 means there was only three of the original five co-captains remaining. At the start of 2009, the new coach, Michael Voss, changed the co-captain system. Jonathon Brown was made stand-alone captain, with four vice-captains - Simon Black, Jed Adcock, Daniel Merrett and Power. In 2009, he was another consistent year for Luke Power as he led the Disposal count for the Lions with 615. He finished 4th in the Best and Fairest voting behind Mitch Clark, Simon Black and eventual winner Jonathan Brown.
In Round 10 of the 2010 season, in which the Lions took on Collingwood at the Gabba, Power played his 250th game, a match where the Lions upset the eventual premiers Collingwood by eight points, giving Power the perfect celebration for his milestone. In 2011, Power remained one of only three players (the others being Simon Black and Jonathan Brown) from the triple-premiership winning Brisbane Lions sides of 2001-2003. Luke Power retired after the Round 23 match against West Coast, having played 282 games for the Lions. He His retirement was primarily due to being told that his position in the Lions side would not be guaranteed in 2012.
On 17 September 2011, it was announced, he would be joining Greater Western Sydney. He was made co-captain alongside Phil Davis and Callan Ward. In Round 21 of the 2012 season, Power became the 66th person to play 300 VFL/AFL games, (282 for the Brisbane Lions, 18 for GWS).