James was booked for simulation midway through the first-half yet replays showed Wolves midfielder Joao Moutinho made contact with the winger as he approached the final third. The Welshman was earlier accused of diving by Wolves fans on 10 minutes but was not cautioned.
"For me, we never got a foul on the first one," Solskjaer said. "They got a counter-attack, he was fouled, and they got a chance from it almost.
"He's that quick and he gets kicked so many times that it's natural sometimes to protect himself. I haven't seen [the 'dive'] other than live. And, for me, how many fouls did he suffer today? How many times did they go through him?
"I have got absolutely no problem if he sometimes tries to avoid being kicked."