The Bhoys were facing their Old Firm rivals in the Scottish League Cup final at Hampden Park when the clash went to penalties with the scores level at 3-3.
Claiming a 5-4 penalty shootout win, Schmeichel attracted criticism for encroaching in the penalty area during two of Celtic's successfully converted spot-kicks.
In a clip online, the Premier League title winner can be seen in the area as Arne Engels steps up to take his spot kick, with Jack Butland powerless to keep it out of the net.
Sharing the footage, one fan wrote: "What is Schmeichel doing here? He does this for two of the Celtic penalties. Surely this isn't allowed, @TheRefsView?"
The Refs View X account, which is run by former SFA referees Des Roache and Steve Conroy responded by sharing the IFAB rules.
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Those rules state: "The goalkeeper of the kicker must remain on the field of play, outside the penalty area, on the goal line where it meets the penalty area boundary line."
The Refs View then added: "Probably should be sanctioned, but no specific mention.
"At the very least he should be told exactly where to go. This should have been dealt with, but had no material effect on the outcome of the game.
"Nobody's fault other than IFAB that no specific sanction prescribed. I would imagine, from now on, it will be dealt with."
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Alongside his shootout mind games, Schmeichel saved the spot-kick from Rangers' Ridvan Yilmaz to secure a first trophy of the season for Celtic.
Reflecting on the moment, the former Man City starlet said: "It was a great moment to win it.
"With Joe Hart being here for three years I watched these occasions quite a lot on TV.
"Having played up here earlier in my career I was well aware of what a club like this can produce.
"I'm very thankful and grateful to be given the opportunity to come here and contribute to this team."
Schmeichel added: "In terms of this team, it's very similar to what I experienced under Brendan at Leicester City.
"The size of the club. I saw that on the pre-season first trip to America.
"You notice the size of the club all the time but even abroad, you see it. I am very proud to be part of it."