The Foxes won Saturday's Premier League game 2-0 despite their star striker seeing red for a heavy tackle on Matt Doherty that saw the Wolves defender taken off injured.
Vardy won the ball as he sought to recover possession but caught Doherty with excessive force in the follow-through to his tough challenge.
And although Leicester boss Claude Puel backed the England international over the incident, Vardy accepts he should not have made the tackle.
"Sometimes in a split second we make the wrong choice!," Vardy posted on Instagram.
"In an instant it can change a game! Learn and move on."
Vardy, who scored 20 Premier League goals last term, will serve a three-match ban for his red card starting with Leicester's trip to Southampton on Saturday.