Lucas Digne has had a three-match ban reduced to one game following an appeal against his dismissal against Southampton on Sunday.
An independent Regulatory Commission accepted a three-match ban for the left-back's tackle on Southampton's Kyle Walker-Peters was "excessive punishment".
Everton boss Carlo Ancelotti called referee Kevin Friend's decision to send Digne off "a joke" during the 2-0 defeat at St Mary's.
An FA statement read: "An independent Regulatory Commission has upheld a claim of clearly excessive punishment in relation to Everton FC's Lucas Digne.
"The defender was sent off for serious foul play during a Premier League fixture against Southampton FC on Sunday 25 October 2020 and would have been suspended for three fixtures.
"However, the independent Regulatory Commission has withdrawn his original suspension and applied a one-match suspension instead."
The red card has not been rescinded so the Frenchman will serve his one-match ban against Newcastle United this weekend but will be available to play Manchester United on November 7 and Fulham on November 21.
Live Renault Super Sunday
When asked for his views on Digne's red card following Sunday's game, Ancelotti told Sky Sports: "It was a joke - it was not intentional. It was not violent conduct so they could've checked better.
"Maybe all the rumours during the week against (Jordan) Pickford and against Richarlison affected the decision, and if it is like this, it's not right. It's not fair."
Southampton end Everton's unbeaten run
Rejuvenated Southampton moved up to sixth in the Premier League as Everton's unbeaten record was ended by a 2-0 defeat on the south coast on Super Sunday.
James Ward-Prowse found the breakthrough with a crisp finish from Danny Ings' pass (27) before Che Adams' second goal in as many games stretched Southampton's lead (35).
Everton rarely threatened to reach the heights of their season so far as Lucas Digne saw a straight red card for a challenge on Kyle Walker-Peters (72) to compound a miserable afternoon for the visitors.
Carlo Ancelotti's side missed the chance to reclaim top spot outright but they remain ahead of second-placed Liverpool on goal difference as Saints extended their unbeaten run to four games.