The 20-year-old was sent off by referee Martin Atkinson in the 23rd minute for a challenge on Luis Suarez which appeared neither dangerous nor reckless.
Everton lodged a claim for wrongful dismissal with the Football Association and the governing body's appeals panel have upheld that claim.
It means Rodwell's three-match suspension, which would have been imposed for an offence of serious foul play, has been withdrawn.
Source: Team Talk
Source: Team Talk