The Spanish midfielder slotted home from the spot at the start of the second half when Serge Gnabry had been upended by Adlene Guedioura.
However, Arteta was then shown a straight red card for what referee Chris Foy deemed denying a clear goalscoring opportunity when he bundled over former Arsenal striker Marouane Chamakh some 35 yards out.
"We have a good ground to appeal. If he is only suspended for one game, I won't do it because he is suspended for Tuesday night (against Chelsea in the Capital One Cup) and anyway I would not have played him, but it was more today's game that was at stake that you worry about," said Wenger.
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