The Czechs asked UEFA to review the incident in the 61st minute of their 3-0 quarter-final win on Sunday, leaving him among 11 players who head into the semi-finals knowing another yellow card would end their hopes of playing in the July 4 final.
The Czechs meet Greece in their semi-final in Porto on Thursday.
UEFA spokesman Robert Faulkner said on Tuesday: "There was no official protest from the Czechs but they did ask us to look at the incident again.
"However, under Article 44 of the disciplinary code, yellow cards can only be rescinded in the case of mistaken identity by the referee and this does not apply in this case."
Petr Fousek, general secretary of the Czech Football Association, had said their move was not a formal appeal against the yellow card as this was not allowed under the European body's disciplinary procedure.
"We believe it is a very harsh decision and that after looking very carefully at a recording of the incident that UEFA should reconsider this yellow card," Fousek had told Reuters.
Russian referee Valentin Ivanov punished Nedved for little more than incidental contact with Danish winger Jesper Gronkjaer.
There was a look of disbelief on the midfielder's face when the card was produced. Television footage showed that Gronkjaer overreacted and pulled Nedved's hair after the incident.
Nedved, the European Footballer of the Year, was forced to watch the 2003 Champions League final between his team Juventus and AC Milan from the stands after he picked up a second yellow card in the semi-final win over Real Madrid.
Czech assistant coach Miroslav Beranek said officials believed the referee's decision on Sunday was wrong.
Speaking through an interpreter, he said: "We have replayed this analysis many times and we think, in our opinion, that the decision of the referee was too harsh.
"We also noted the behaviour of the two Danish players in the incident and saw, as you did, that one of them pulled Nedved's hair."
FULL PART
Nedved said he wanted to play a full part in the semi-final against Greece and to give a 'total performance'.
Vladimir Smicer, who played with Nedved in the Czech squad that lost the 1996 final against Germany, said: "We have three players on yellows and that is difficult for them.
"But we have a very good squad and good replacements if something happens. Of course, Pavel (Nedved) is our captain and he is a huge influence.
"I hope, for him, that he is ok and nothing goes wrong. He deserves a chance to play in a final if we can get there."
Injured right back Martin Jiranek has returned from a Lisbon hospital after tests on a strain in his right thigh.
"Thanks to God, it is not as bad as we originally thought," said Beranek. "It is not like our worst fears." He hoped Jiranek would recover sufficiently to be considered for the final, if the Czechs overcome Greece.
The Czechs' other injured player, central defender Rene Bolf, resumed training after missing Monday's session. "He trained with the team and he is alright," said the coach.
He added the Czechs had the utmost respect for Greece.
"They have beaten Portugal and they beat France," he said. "They have a very good defensive system and they are dangerous on the counter-attack. It will be a very tough game for us."
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