Henderson was walking off the court with 6.3 seconds left when Ray said something as the guard walked past. The Rebels won 82-63 and Henderson scored 19 points.
Ray issued an apology on Instagram on Sunday saying he "responded inappropriately to an Ole Miss player yesterday in our game." Ray said he "reached out to (Ole Miss) Coach (Andy) Kennedy immediately to apologize and subsequently to the player."
Ray added there "is no reason for a coach to ever have interaction with an opposing player, ever, regardless of the circumstances."
Henderson has a reputation for on-court theatrics that irritate opposing fans and players.
The Southeastern Conference will not punish Ray.
SEC spokesman Craig Pinkerton wrote in an email that Ray apologized to league Commissioner Mike Slive on Monday morning and that the commissioner "is satisfied with the way Coach Ray has handled this matter in the aftermath of his actions following Saturday's game."