The Football Association launched an appeal against the punishments handed out to the duo, but UEFA had mounted a counter-appeal requesting that all sanctions handed out to those on both sides be increased.
Caulker has been warned about his future conduct and will now instead do a day's community service, but Ince will miss the first match of England's European Under-21 Championship campaign against Italy this summer.
The pair were joined by coach Stuart Pearce at the appeal hearing, and gave their accounts of a clash marred by racist abuse directed at England players by the home fans and violent clashes at the final whistle.
Pearce told the FA's official website: “We respect UEFA’s decision and we will now move on and focus on the finals tournament in the summer.
"We welcome the ruling to overturn Steven Caulker’s suspension and choose to accept the verdict with regards to Tom Ince.
"Both players should be proud of the way they represented themselves at UEFA.”
Serbia has been ordered to play its next two competitive home Under-21 matches behind closed doors, while its original fine of 65,000 pounds has not been increased.
Serbian player Nikola Ninkovic, originally hit with a two-game ban, will now sit out three matches, while coach Andreja Milunovic remains banned from all football-related activities for two years.