Will Preferential Treatment Help a Third Party in the US?

Australia is in the midst of another federal election. Announced last Saturday, the parties have 5 weeks to campaign before the population goes to the polls. Aside from a compulsory voting system, multiple polling stations (you don't have to vote in your precinct), universal early voting, and same day absentee voting, Australia has one interesting electoral quirk that could pave the way for a third party here in the United States.

Since the early 20th century Australia has relied on "preferential voting" (also known as "Instant Run-Off" Voting) to elect members to its lower house of Parliament (where the Prime Minister is chosen). Voters cast their ballots by indicating their first vote for their favored candidate and then numbering the remaining candidates in the order of their "preference". If no candidate receives 50%+ of the vote, the ballots from the candidate who received the fewest votes are distributed to the remaining candidates and their voters' second preferences are tallied. This continues until one candidate achieves 50%+.

According to an article by Mungo MacCallum, Australia's preferential voting system was a direct response to the rise of a third party on the conservative side that handed victory to Labor Party candidates under the "first-past-the-post" system in play at the time. By implementing a preferential system, the "third party" was still able to draw votes, but without significantly damaging the prospects of either right leaning party (otherwise leading to the victory of their left leaning opponents).

Could 'preferential' voting help a third party establish in the US without handing victory after victory to their ideological opponents as the new party gains its foothold? The United States has adopted Australian electoral procedures before, including the "Australian Ballot" or secret ballot voting. Why not preferential voting? I am certainly no constitutional law expert but there are examples of "preferential" voting (Instant Run-Off voting) here in the US, including a mayoral election in Vermont. Also, many US states have different rules for electing federal representatives - such as Louisiana that requires a "Run-Off" election to be held if no candidate receives 50%+ of the vote.

Which system would you prefer?