UEFA's three-man appeals panel have reduced his original three-match ban imposed for his red card against Montenegro.
A UEFA spokesman confirmed to Press Association Sport that the ban for the third match will be suspended for four years - and will only kick in if he is sent off in another European match.
Rooney has also agreed to do some coaching in the community, said the spokesman.
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 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."