The Council accepted the publisher's claim it did not depict Williams as an ape, but rather showed her as "spitting the dummy", "a non-racist caricature familiar to most Australian readers".
The cartoon in question, created by cartoonist Mark Knight, depicts Williams in a fit of rage with her mouth open wide, fists clenched and jumping above a broken tennis racket and a baby's pacifier.
In response, the Herald Sun said the cartoon was only meant to be a "sporting cartoon" to capture the on-court drama using "satire, caricature, exaggeration, and humour".
Critics complained that the caricature used racist and sexist stereotypes of African-American people.
A newspaper cartoon of Serena Williams which was widely condemned for being racist apparently did not violate the standards of an Australian press organization.
The council did acknowledge that while some readers found it offensive, there was "sufficient public interest in commenting on behaviour and sportsmanship during a significant dispute between a tennis player with a globally high profile and an umpire at the US Open final".
Cartoonist Mark Knight defended the drawing and insisted he was simply illustrating Ms Williams's behaviour on the day, telling the paper: "The cartoon was just about Serena on the day having a tantrum".
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They said it contrasted with Osaka, a Japanese-Haitian, who was depicted as a white woman with blonde hair and no exaggerated features.
Knight told the Australian Broadcasting Corporation he was "very happy" about the watchdog's ruling.
The newspaper "said that the cartoon was not meant to depict negatively any race or gender and was drawn in a style that the cartoonist has drawn over several decades and was only meant to be a "sporting cartoon" for the publication's local readership", the press council said in its findings.
After the controversy of the US Open final, the careers of both women featured in the cartoon have flourished.
Williams, who was vying to equal Australian player Margaret Court's record of 24 grand slam singles titles, lost in straight sets to the 20-year-old Japanese-Haitian in NY after a heated clash with chair umpire Carlos Ramos over code violations that resulted in her being penalised a game.
Williams clashed with Ramos over penalties she thought she did not deserve and ultimately lost to Naomi Osaka.