Fallon was given a straight red by the eagle-eyed whistler following a collision with Rangers defender Dorin Goian with the game poised at 2-1 to Rangers.
A yellow card would still have resulted in the dismissal of Fallon but such was his enthusiasm to send the player off Collum issued a red card.
Commenting on the appeal from Aberdeen against violent conduct the SFA stated: “The Disciplinary Tribunal rescinded the sending-off and substituted a caution.”
Fallon will still be suspended for Aberdeen’s match on Monday at St Johnstone but will have less points added to his disciplinary record
No further retrospective action will be taken in relation to other incidents in the match.
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