Joslin sent the Australian international off during the first half of Tuesday's Championship defeat at Portman Road on the advice of his assistant, awarding the Tractor Boys a penalty which was converted by Alan Lee in the 3-1 win.
Replays, however, showed Kisnorbo had won the ball in the challenge on Ipswich striker Pablo Counago and that the tackle was outside of the penalty area.
After watching the video of the incident, Joslin admitted his mistake and the Foxes now hope the subsequent suspension will be quashed.
The Football Association are set to review the incident on Thursday, before confirming Kisnorbo has the all-clear to be in contention to line-up at the KC Stadium on Saturday.