Terriers boss Wagner has been handed a two-game ban while Monk will serve a one-match suspension after the pair were sent to the stands following a clash that sparked ugly scenes at the John Smith's Stadium.
Both clubs were fined £10,000 and warned about their future conduct after admitting FA charges of failing to control their players during Huddersfield's 2-1 win.
An FA statement read: "Huddersfield Town and Leeds United have each been fined £10,000 and warned as to their future conduct following their game on February 5, 2017.
"Both clubs admitted an FA charge of failing to ensure their players and/or officials conducted themselves in an orderly fashion and/or refrained from provocative behaviour in or around the 89th minute of the fixture.
"Furthermore, Huddersfield manager David Wagner and Leeds manager Garry Monk will serve touchline suspensions of two matches and one match respectively with immediate effect after being charged for misconduct in relation to the same game.
"Mr Wagner admitted entering the field of play in or around the 89th minute, in contravention of FA Rule E3, but denied a further breach that his behaviour upon his return to the vicinity of the technical area amounted to improper conduct. However, this breach was found proven following an Independent Regulatory Commission hearing today.
"He was also fined £6,000 and warned as to his future conduct.
"Mr Monk admitted a breach of FA Rule E3 in that in or around the 89th minute, his behaviour amounted to improper conduct.
"He was also fined £3,000 and warned as to his future conduct."
The ban means Wagner will be forced to watch from the stands as his high-flying Huddersfield side take on Manchester City in their FA Cup fifth-round replay, before completing the ban in a crucial game at home to Newcastle in the Sky Bet Championship.
Monk, meanwhile, will miss Friday's trip to Birmingham for his role in the altercation, which saw the Leeds boss collide with Wagner as the Huddersfield manager celebrated a late winner before a host of players got involved.
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