The 24-year-old was cited by the Scottish Football Association’s compliance officer for appearing to headbutt the veteran midfielder in the first half of their 4-1 victory over Partick Thistle, a win which secured Killie’s top-flight status for next season.
The pair clashed after former Hearts star Hamill criticised the Northern Ireland international for conceding a free-kick.
Rugby Park boss Gary Locke dismissed the incident, and the pair kissed and made up at the end of the match, but the SFA issued a notice of complaint claiming the striker had breached Disciplinary Rule 200.
Magennis refused to accept the two-match ban offered for the coming together and an SFA disciplinary panel subsequently rejected compliance officer Tony McGlennan’s referral, saying that “no sanction would be imposed”.
Magennis said: “I understand why the incident was highlighted but I am really glad the decision was overturned and I can now concentrate on my football.”
He is now free to take part in Kilmarnock’s last match of the season at home to Ross County this Saturday before teaming up with the Northern Ireland squad for their double header against Qatar and Romania.