Rooney was initially banned for three matches after his red card against Montenegro in October but Uefa have announced the ban for the third match will be suspended for four years - and will only kick in if he is sent off in another competitive European international.
The Manchester United striker has also agreed to spend a day supporting a Uefa community project.
Rooney and England manager Fabio Capello attended the hearing at Uefa's headquarters in Nyon, Switzerland, on Thursday morning - and that may have swung the appeal, according to Club England managing director Adrian Bevington.
He said on Twitter: "Fair hearing at Uefa. Important Wayne Rooney and Fabio Capello in attendance. Available for Ukraine game at Euros."