Newcastle's Emre has been cleared of a Football Association charge of using racially aggravated, abusive and/or insulting words against Everton.
Emre was at the centre of controversy at Goodison
The incident took place on 30 December during the Premiership game between the two teams, which Everton won 3-0.
"Having heard the evidence, and having regard to the standard of proof we were not satisfied the charge was proved," said the disciplinary commission.
Emre faces a similar charge relating to alleged comments against Watford.
The Hornets' Al Bangura issued a statement on 1 March that Emre allegedly abused him during their game on 16 December.
But Emre's agent, Ahmet Bulut, told BBC Radio Five Live: "Emre is not a racist - he never used the words the newspapers (have said he did)."