The 23-year-old picked up two bookings in the closing stages of the game; one for a late challenge on Celtic captain Scott Brown and the second for a dive in the penalty box as Hoops midfielder Olivier Ntcham tracked his run.
The Colombian international striker has now failed to score in his 12 Old Firm appearances, and courted controversy - and possible action from the Scottish FA after the former HJK Helsinki player made a throat-slitting gesture to the home fans as he left the field of play in response to abuse.
The laws of the game state that any player who uses "offensive, insulting or abusive language and/or gestures" can incur an additional sending-off.
Rangers coach Michael Beale was also dismissed as the two benches squared up to each other, and the former Liverpool academy chief went head-to-head with Celtic No.2 John Kennedy as tempers frayed in the dying moments.
Morelos was given a second caution and subsequent red card during Rangers' 2-0 win over Motherwell at Fir Park in mid-December after he gestured to home supporters as he celebrated a goal, and he could face further punishment from the compliance officer.
His Ibrox colleague Ryan Kent had earlier celebrated his opener at Celtic Park with a "drive-by shooting" celebration aimed at the home fans behind the goal.
Speaking after the match, Gerrard brushed off the dismissal and suggested Celtic defender Christopher Jullien was lucky to stay on the park just moments earlier.
“We’ve got no complaints on his sending-off,” said Gerrard. “I’ve got time to reset the kid again now.
“He was a handful for the whole game. He does some incredible stuff and I think his emotions got the better of him at the end of the game.
"I think that frustration might have come from the fact that Jullien didn’t get a straight red moments before because it’s a clear foul on the edge of the box.
"The officials have missed that but we’ve no complaints on what went on.”