Vardy was given his marching orders midway through the second half after a hard challenge on Matt Doherty. It put his team on the back foot but, fortunately enough, they were able to hold on to get the three points.
Puel admitted that the tackle was poor, but he insisted that he will continue to back the 31-year-old.
"I think it perhaps was a little tough, because it was not his intention to make a foul," said Puel (via Goal). "He touched the ball. After that, he was perhaps too enthusiastic on his move, on his tackle. It's a pity.
"I want to support him. He likes playing all the time, 90 minutes if he can, and we need now to find a solution to replace him and it will be a good opportunity for some other player to show their quality."
Wolves were arguably the better side throughout the match and they were unlucky to have not got at least a draw based on the pattern of play. Puel shared this sentiment and admitted that Nuno Santo's men probably deserved more from the game.
"I think this team [Wolves] deserve another result. I don't know if it was a fair result. But we took an important three points. Congratulations for Wolverhampton because they played very well with style. They are difficult to read. They caused us a lot of difficulties because they open up the lines. It's difficult to defend against this team."