The Argentina midfielder, 24, faces a three-game suspension after he clipped Ryan Christie's foot in the 58th minute at Anfield on Saturday.
Liverpool manager Jurgen Klopp said it was "harsh" and that his side have been "punished enough" by the dismissal.
Match of the Day host Gary Lineker described the decision as a "nonsense" on social media.
Liverpool were awarded a controversial first-half penalty when Joe Rothwell was adjudged to have fouled Dominik Szoboszlai.
Both decisions were awarded by referee Thomas Bramall without interference from the video assistant referee (VAR).
Howard Webb, chief refereeing officer for Professional Game Match Officials Limited (PGMOL), said last week that officials "want to be the least interfering" they can be.
On the Premier League's opening weekend, Webb contacted Wolves to apologise after they were denied a late penalty against Manchester United when Andre Onana jumped into Sasa Kalajdzic.
The three officials at the centre of the decision - referee Simon Hooper, VAR Michael Salisbury and assistant VAR Richard West - were overlooked for the following round of fixtures.
-- Courtesy of BBC Sport