Pereira was sent off in the 34th minute of Sunday's game after appearing to flick his boot towards the chest of Patrick van Aanholt after he had been fouled by the defender.
Referee Paul Tierney initially gave the Brazilian a yellow card.
But he was then told by VAR officials to review the incident on his pitch-side monitor and subsequently changed his mind and issued Pereira with a red.
The decision sparked controversy with former Premier League players Ian Wright and Jermaine Jenas saying they believed Albion's talisman should not have been dismissed.
Retired referee Mark Halsey also said Tierney should not have been made to review his original decision as he had not made a clear or obvious error.
Speaking after the Palace game, head coach Slaven Bilic confirmed Albion were likely to appeal Pereira's red card.
The Express & Star understands that appeal was lodged with an FA panel meeting this afternoon to review the incident.
But they upheld Tierney's decision.
The panel could have reduced the three match ban to one game or added an extra match – taking the total games Pereira would miss to four – if they deemed the appeal frivolous.
But they have decided to stick with the three games.
It means Pereira will now miss Albion's match at Newcastle if it goes ahead this Saturday – with the Magpies still dealing with a number of coronavirus cases.
The Brazilian will also miss the trip to Manchester City on December 15 and the derby against Villa on December 20.