Bellusci was accused of using "abusive and/or insulting words" towards Norwich City forward Jerome during a Championship fixture in October, with an alleged reference to "ethnic origin and/or colour and/or race".
However, the FA announced on Friday that the charge was not proven by an Independent Regulatory Commission.
Bellusci had denied any wrongdoing, requesting a personal hearing, and received the full backing of his club.
Kick It Out, football's equality and inclusion organisation, released a statement following the Commission's decision, to offer its support to Jerome.
"Kick It Out notes the decision taken by the Independent Regulatory Commission to find the case brought against Giuseppe Bellusci as not proven," it read.
"We now await the publication of the full written reasons behind the decision, and will be looking to speak to Cameron Jerome to ascertain how he wishes to proceed, and what support we can offer him."
