The former Liverpool and England midfielder received a notice of complaint for comments made following Dundee United defender Ryan Edwards' challenge on Rangers striker Alfredo Morelos during a Premiership match at Ibrox last month.
The Colombian forward suffered a nasty gash and left the field on a stretcher after being caught on the follow through by the United man.
Match referee Kevin Clancy, however, took no action against Edwards and Gerrard said soon after the match: "I'd be very interested to see what the decision would have been from the officials had the shoe been on the other foot and it was Alfredo who had made that tackle."
Gerrard was accused of breaking rule 72 covering comments that "indicate bias or incompetence" by a match official but a disciplinary hearing on Monday found it "not proved".
Rangers responded with a statement on their official Twitter account that said "they were "unsurprised at the outcome of today's hearing but remain bemused that the charge was brought against our manager Steven Gerrard in the first place".
This decision means Gerrard has avoided a touchline ban and can be in he dugout for Saturday's Old Firm match away to arch-rivals and reigning Scottish champions Celtic on Saturday.