The Argentine was sent off by referee Bobby Madley on the stroke of half time for barging over Steven Fletcher in the penalty area, which resulted in a spot kick for Sunderland.
Adam Johnson scored from the spot and Sam Allardyce's men were able to record their first victory of the season, but Coloccini believes that his dismissal was a huge factor in deciding the contest.
He is quoted as saying by The Chronicle: "The red card affected the game and the result, which was very painful for everyone in the club and the city.
"We lost the game, we lost three points and we lost the derby. We cannot get that back, and that is why I cannot be too happy about winning the appeal - it does not change these things.
"As soon as the referee gave the red card, I knew it was wrong. I spoke with the referee but he had made his decision."
As a result of his ban being overturned, Coloccini will be able to face Stoke City in the Magpies' next Premier League clash on Saturday.