The England U-21 international received a yellow card for an on-field altercation with the Wolves player, but the stamp went unnoticed by the referee and Grealish has been given a three-match suspension for "violent conduct".
The midfielder will therefore miss Aston Villa's local derby against Birmingham City on 30 October, a match that will see new Villa boss Steve Bruce return to his former club.
Grealish argued that the automatic implication of the suspension was excessive but accepted the charge.