Pierre was controversially dismissed alongside Oxford City's James Roberts by referee Christopher Pond after a coming together towards the end of normal time in Sunday's second round tie, which Town edged.
The Grenada skipper was shown a straight red card after narrowly avoiding a boot to the face from Roberts, who was left rolling around on the deck alleging a reaction from Pierre.
Town boss Steve Cotterill was confident of the ban being overturned and, after reviewing footage, the FA have rescinded the suspension.
Pierre will now be free to feature for Town in tomorrow's visit of Accrington Stanley, which is Cotterill's first league game in charge.
The updates comes as a boost as Shrewsbury are without Ethan Ebanks-Landell, who is recovering from a head injury, for the clash.