Calvert-Lewin was given a straight red card by referee Chris Kavanagh in the Toffees' 0-0 draw with Crystal Palace in the FA Cup on Thursday.
After not even giving a foul for the alleged challenge on Nathaniel Clyne in real time, Kavanagh was told to go over to the VAR monitor by Craig Pawson to review the incident.
Following much deliberation, Kavanagh chose to send Calvert-Lewin off, to the disbelief of both the player and his team mates.
Immediately after the incident, widespread criticism came in for the referee and the VAR for their decision, with many pundits stating that the challenge was hardly worthy of a foul, and definitely did not meet the criteria of a "clear and obvious error".
Everton captain Seamus Coleman voiced his displeasure of the incident in his post-match interview with ITV.
"Listen, they slow it down, obviously it's going to look a bit worse, but from where I was it was a great tackle, and [even] seeing the replay after. I don't know who fingers need to be pointed at, as soon as the ref goes over there you know he's going to give a red card." Coleman stated.
"For me that's not a red card, and it's another decision that goes against us that maybe won't get talked about as much." The Everton skipper added.
Given the challenge was deemed violent conduct, Calvert-Lewin was set to miss Everton's next three games with suspension, but he will now be available for Sean Dyche's side when Aston Villa visit Goodison Park at the weekend.
Calvert-Lewin would have missed the weekend's Premier League fixture, as well as the replay with Palace, and depending on the outcome of that game, either their fourth round FA Cup tie, or the next league outing with Fulham.
With Dyche's squad already depleted by injury and an international call-up for Idrissa Gueye, the Everton boss needs as many of his players available as possible.
Abdoulaye Doucoure has been a big miss for the side in recent weeks, and Dwight McNeil was also forced off late on at Selhurst Park after appearing to roll his ankle following a tangle at a corner, which saw him stretchered off.
No update has yet been provided on McNeil's condition, but it is unlikely he will feature for the side against Villa on Sunday.