World Cup Daily: Spain, Portugal, Uruguay and Russia all make second round at Fifa World Cup
The 33-year-old Ronaldo, who plays for Champions League champions Real Madrid, looked nervous as the referee Enrique Caceres of Paraguay looked at replays by the side of the pitch in Saransk. But Ronaldo then laughed as the yellow card was brandished.
Angry Iranian players appeared to think a red card was in order and some fans believe Ronaldo's superstar image saved him.
It was an ugly incident in a sometimes bitter but also spectacular contest, the drama rising as Spain battled to draw with Morocco in the other group match.
The British Telegraph reported: "Cristiano Ronaldo flirted with expulsion here. Frankly, he was lucky to survive...(he) was lucky to stay on the pitch after the VAR noticed that he had thrust an elbow into an opponent's face.
"The referee ruled that Ronaldo had elbowed Morteza Pouraliganji in the face. But, extraordinarily, much to (Iran coach) Queiroz's boiling fury, only a yellow card was flourished."
BBC pundit Mark Lawrenson, the former Republic of Ireland and Liverpool star, was among those who felt a yellow card was the correct call.
"There is so much going on after the ball has gone," Lawrenson said.
"It was a brush of the face. I don't think he has caught him in the face."
The video replay system is sinking into players' thinking - Ronaldo had demanded a check when his early free kick hit the Iran wall, and possibly a defender's arm. He ran towards the ref, rubbing his arm and pointing to the replay screen area near the team dugouts.
Lawrenson bagged the earlier penalty decision in Ronaldo's favour, after another review.
"This is where it's all a bit of a mess. Time had gone on quite a bit. I don't think it's a penalty," Lawrenson said.