Does it really have to be steam powered?
Just because it's set in a Steampunk era, that doesn't necessarily mean that everything has to be powered by steam.
For example, in real life we had electric powered cars during the Victorian era/1800's, so it's not unfeasible that in an alternate reality set during a similar era, power armour would utilise electricity, batteries and large servos instead of steam.
I would have a large battery contained in a back pack, which would power motors and servos/hydraulics/pneumatics that would be connected to the limbs. You could use large cogs and valves to give it more of a Steampunk aesthetic, but you may be surprised at what technology was available in the Victorian era, even if it had only just been invented and not refined or put into mass use.
Perhaps you should look at Warhammer 40K and some of the power armours and Servitors, since a lot of that has a Steampunk vibe and the designs aren't that far removed from what could, hypothetically be made in the 1800's... with the obvious exception of complex efficient power sources, miniaturisation, computers, microchips and the fact that no-one in the Victoria era would have considered making power armour.