For the vinaigrette: In a small bowl, whisk together 2 tablespoons olive oil, balsamic vinegar, Italian seasoning, garlic powder, onion powder, salt, and black pepper. Set aside.
Bring a large pot of salted water to a boil and cook the tortellini according to package directions. Drain in a colander, rinse with cold water to cool down and stop the cooking process. Transfer the tortellini to a large bowl and set aside.
Preheat an outdoor gas grill or an indoor grill pan to 375°F. Bruch the cut sides of the zucchini and yellow squash with the remaining 1 tablespoon of olive oil. Place the vegetables cut side down onto the preheated grill.
Grill vegetables for 10 minutes or until tender but still slightly crisp (a fork or skewer should pierce the vegetable easily) and with visible grill marks. Remove from heat and transfer to a cutting board to cool for 10 minutes.
Cut the grilled vegetables into bite-size pieces and add to the bowl with the tortellini.
Add the vinaigrette and toss to coat.
Add the fresh basil and oregano. Toss a second time, adjust seasoning to taste, and serve.