The Sweden international was dismissed during the first leg of PSG's last-16 meeting with Valencia and duly missed the return leg in Paris as Carlo Ancelotti's men completed a 3-2 aggregate win.
The French outfit appealed in a bid to allow Ibrahimovic to face his old club - with whom he played two seasons between 2009 and 2011 - next Tuesday, and UEFA this evening confirmed his eligibility for both the Parc des Princes clash and the return leg at the Nou Camp on April 10.
A statement published on uefa.com read: "The UEFA Appeals Body has accepted the appeal lodged by Paris St Germain against a two-match ban meted out to striker Zlatan Ibrahimovic, reducing his suspension to one game.
"The 31-year-old striker had incurred the original penalty from the UEFA Control and Disciplinary Body after being dismissed in the closing seconds of PSG's 2-1 UEFA Champions League round of 16 first-leg victory at Valencia on 12 February.
"Following PSG's appeal, the UEFA Appeals Body has decided to commute that suspension to one match, which Ibrahimovic served in the second leg against Valencia in Paris on March 6.
"He will now be available for the French side's quarter-final opener against his old team, Barcelona, on Tuesday."
Ibrahimovic has scored 27 goals for PSG - including two in the current Champions League campaign - since arriving from AC Milan for 20million euros (£17million) last summer.