Red Bull argued that the FIA-homologated sensor was faulty.
The FIA did not, however, accept title rival Mercedes' submission that Red Bull should be further penalised in order to deter the team from committing similar breaches.
A full explanation of Tuesday's decision will be published later this week.
In a media statement, Red Bull said it "accepts" the court's decision, even if the reigning world champions are "disappointed".
"(The team) would not have appealed if we didn't think we had a very strong case," Red Bull added.
"We will now move on from this and concentrate on this weekend's Chinese grand prix."