Abderrazak Hamdallah was part of Morocco's squad at the 2022 World Cup
The incident took place at the end of Al-Ittihad's defeat by Al-Hilal in the Saudi Super Cup in Abu Dhabi.
Footage shows Al-Ittihad striker Abderrazak Hamdallah throw water at a fan, who then strikes the player twice with what looks like a whip.
The SAFF said it was "shocked with the disgraceful scenes".
Moroccan Hamdallah scored for his side as they lost 4-1.
"Football in Saudi Arabia is a family game and, thankfully, fan disorder is extremely rare," said the SAFF.
"It's why the actions of this 'so called' fan go against all that Saudi football represents and we completely condemn the incident.
"There will be a thorough review of the spectator code of conduct. The review will ensure updated rules and regulations are put in place to swiftly and effectively impose suitable penalties to help avoid any repeat of such incidents."
-- Courtesy of BBC Sport