The Football Association is reviewing footage of the incident at Swansea and the Belgian's automatic three-match ban can be increased in "exceptional circumstances".
Hazard was dismissed by referee Chris Foy after he lost patience during the closing stages of the Capital One Cup semi-final second leg at the Liberty Stadium as ball boy Charlie Morgan - the son of Swansea director Martin - refused to hand over the ball after it had gone out for a goal-kick.
Morgan fell to the ground as Hazard attempted to get the ball from him, with the Blues forward then trying to kick it from under him but appearing to instead make contact with the youngster.
Hazard escaped criminal action over his conduct after 17-year-old Morgan and his father, Swansea director and hotel owner Martin, decided not to press charges.
And Taylor does not feel it is necessary for the FA to punish the Chelsea midfielder further.
He said: "There is obviously a process which the FA have to go through and it is up to them what they decide.
"But I don't think the young lad involved would want to see Hazard punished further.
"The referee made the correct decision on the night and you do not want people to be hung, drawn and quartered for things that happen in the heat of the moment.
"It is disappointing and Hazard has shown remorse and the two clubs handled the matter very well.
"It will be seen as another stick to beat the game with, but the game has always been about passion and emotions running high and it is a shame for this to overshadow the wonderful achievements of Swansea and Bradford - two clubs who have faced extinction - in reaching the final."
But Hazard has been warned by the boss of Belgium's football association that he must learn to control himself after his "unpleasant" actions.
Steven Martens, the chief executive of the Belgian FA (KBVB) said: "It's unfortunate and of course it's not something we are proud of. No football authority or person interested in football likes to see acts of violence or lack of respect and this is what happened.
"It might have happened in the heat of the fire but professionals are expected to be able to control themselves.
"They have to be able to control their emotions and when they don't that's unpleasant in general.
"Of course as we are the Belgium FA we don't like it to be a Belgium national squad player but I am very much convinced that Eden himself will realise that.
"Eden is more than intelligent enough to understand that this is going to be a lesson learned for him.
"All of us make mistakes in life."