Malted milk powder is often in the coffee/tea section of the supermarket. If it's not there, then it might be in the ice cream topping/condiment section. As Maedl stated, Carnation is the only brand that I've ever seen.
Carnation makes a malted milk powder, too. Bakers use a version of the powder which helps leaven the baked goods, but if the cookies call for baking powder or soda, then the Carnation brand should be OK. Malted milk powder is made from malted barley, flour and whole milk. You use it in malted milk. It is good, but it packs the calories!
Original Ovaltine (NOT chocolate flavored) is technically just malted milk powder (though it has a couple of other things thrown in the mix as preservatives/coloring agents). It should be in whatever chain grocery store is near you, just look for the ovaltine canister that says "malted milk powder" and avoid the one that mentions chocolate and is used to make malted chocolate milk.
Don't know a substitute and you can get malted milk powder from King
Arthur http://www.kingarthurflour.com/shop/items/malted-milk-powder-16-oz Also try Amazon.com
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Arthur http://www.kingarthurflour.com/shop/items/malted-milk-powder-16-oz Also try Amazon.com