The NBA assessed Wade with a flagrant foul but did not hand down any other penalties, meaning the All-Star guard will be available for Game 3 on Sunday night.
Wade blindsided Stephenson in the jaw as he was attempting to get back on defense following a turnover. Officials did not call a foul on the play, and Wade's intent behind the contact was not clear based on replays.
NBA vice president Stu Jackson, who suspended Wade for a hit earlier this season, ultimately decided to just retroactively issue a flagrant foul 1, a foul that would have rewarded the Pacers with two free throws and possession had it been called during the game.
"We think it was just a play that happens sometimes during the game," Heat coach Erik Spoelstra said. "He was scrambling, and it was a very competitive time of the game. It was one of those inadvertent collisions."
Stephenson, who was the victim of a flagrant foul in the playoff series with the Heat last year that resulted in a suspension for then-Miami center Dexter Pittman, said that Wade's hit stunned him, but he was moving on.
"When you get hit when you're not looking, of course you're going to react," Stephenson said. "I didn't know it was coming."
This is the second consecutive year Wade has dodged a suspension after a flagrant foul against the Pacers. Last season during the playoffs, Wade was called for a flagrant foul on then-Pacers guard Darren Collision when he took Collison out on a fast break. The league reviewed that play as well but did not assess further discipline.