He was previously warned about his language by Umpire Jaume Campistol, of Spain.
The International Tennis Federation confirmed on Saturday afternoon that Nastase will play no further part in the tie due to his poor behaviour.
But Nastase continued to argue with the official and was first sent to the stand and then ejected from the court completely by tournament referee Andreas Egli. As he left the court, Nastase turned to face Keothavong and Konta, twice calling them 'f****** b******'.
After being ejected, Nastase clashed with Press Association reporter Eleanor Crooks during their second heated run-in.
Nastase labelled Ms Crooks 'stupid' and reportedly said she was ugly during an off camera exchange.
Seven security guards had to restrain the Romania captain after he was told to leave the stadium. He still appeared to have the support of the crowd as fans were chanting his name throughout the drama.
Brit Konta, who switched her national allegiance from Australia to GB in 2012, saw her serve broken in the immediate aftermath of the incident before she retreated to the dressing rooms, and play was suspended.
In unprecedented scenes, Romania No 1 Simona Halep took a microphone and addressed the crowd in an effort to calm the situation.
She pleaded: 'Please behave yourselves or we'll be disqualified.'
The furore began after a member of the audience had shouted during a point.
Keothavong mentioned the breach of etiquette to the umpire, an action to which Nastase appeared to take exception.
After the crowd was warned about respecting players, Nastase said: 'It's not the opera, what's your f****** problem?'
An on-court argument followed, in which Nastase threw abuse in the direction of Konta and her captain.
Having already been warned about his behaviour, he was sent to the stands and then ejected from the stadium.
The proceedings left Sydney-born Konta badly affected and play was halted for around 10 minutes as she retreated to the dressing rooms to compose herself before returning to the court.
She went on to complete a straight-sets victory over Cirstea, winning 6-2, 6-3 to level the tie at 1-1 overall.
Cirstea said of Konta crying: 'Why did Konta start crying and saying she felt threatened at 3-1? I've been called much worse all over world.
'When she comes back on court she says, I'm sorry, so she knew she exaggerated. You don't do this, you stay and play.
'We treated you guys so nice. I don't feel it's right that you put all this on us because we're a lower country than England.'
But the entire occasion had already been overshadowed by Nastase's explosion.
The 70-year-old, who has been married four times and has boasted of sleeping with 800 to 900 women, has plenty of previous when it comes to controversy and he has previously admitted treating female players differently.
'I don't get angry, especially with the girls,' he said. 'If I was with the boys, maybe, but because I am with the girls I have to behave.'
The volatile Romanian is already under investigation for a racist remark made about Williams' unborn child and earlier on Saturday confronted British reporter Crooks in the media centre in Constanta.
Crooks was one of the journalists to report Nastase's comments, made during a press conference on Friday.
After Halep was asked to comment on Williams expecting her first child with white fiance Alexis Ohanian, Nastase said in Romanian: 'Let's see what colour it has? Chocolate with milk?'
The 70-year-old was incensed by the reporting of his remarks and, prior to play on Saturday, burst into the media room to search out British journalists.
He found Ms Crooks, the Press Association's tennis correspondent, and said: 'Why did you write that? You're stupid, you're stupid.'
The tirade took place in front of a number of members from the Romanian media and, according to Ms Crooks, lasted between two and three minutes.
Nastase swung his arm tightly round the GB captain and said: 'We keep being attracted.'
The drama in Romania comes two weeks after Nastase, who has been Fed Cup captain since October, made false and outrageous comments about Williams' physique resembling that of a doper.
Nastase has a history of making seemingly racist remarks.
In 2010 he was fined by Romania's National Council Against Discrimination for saying French president Nicolas Sarkozy was right to deport Roma people.
He has also admitted calling Arthur Ashe 'negroni' when the pair played together, although in his autobiography Mr Nastase, he insisted this was intended as a term of endearment.
HOW CONTROVERSY UNFOLDED
The Fed Cup tie between Romania and Great Britain has become overshadowed by controversy involving Ilie Nastase.
Here's how events unfolded.
Thursday
Romania captain Nastase asked for the room number of Great Britain counterpart Anne Keothavong, who is pregnant, during the official dinner ahead of the tie.
Friday
At a press conference to preview the tie in Constanta, Nastase was heard to say of Serena Williams' baby, due in the autumn: 'Let's see what colour it has. Chocolate with milk?' The ITF launch an investigation into the comments.
The 70-year-old - nicknamed 'Nasty' during his playing career - again asked for Keothavong's room number when the pair posed together for photographs during the draw and said: 'We keep being attracted.'
Saturday
Nastase ranted at Press Association Sport tennis correspondent Eleanor Crooks for several minutes, calling her 'stupid' for reporting his comment about Williams' pregnancy. Ms Crooks said: 'He said the English were out to get him and called me stupid a few more times.'
With Johanna Konta leading Sorana Cirstea in the second rubber, the tie was suspended after Nastase became embroiled in a row - apparently about noise from the crowd. He was reportedly heard to say to the umpire: 'What's your f***ing problem', then appeared to call Keothavong and Konta 'f***ing b******' before being sent off the court by tie referee Andreas Egli. After taking a seat in the stands, he was then escorted back to the locker room.
He then launched another tirade at Ms Crooks by labelling the journalist 'stupid' and reportedly said she was ugly during an off camera exchange.
