Holloway made 10 changes for the midweek clash at Villa Park which the home side won 3-2 via a last-gasp goal from James Collins.
Last season Wolves were handed a suspended £25,000 fine after manager Mick McCarthy adopted the same approach against Manchester United at Old Trafford.
But Houllier believes it would not be appropriate for Blackpool to be fined.
Houllier said: "For those who were at the game, you wouldn't think Blackpool were playing some of their reserve team.
"It is always a tricky situation because the players who come into the side want to prove a point and they raise their level of game.
"We just won right at the end. Whether the Premier League is right or wrong, is not for me to say.
"All I can say is the players who played against us were good and some of them have Premier League experience before."
Houllier added: "I would very disappointed if they (the Premier League) fine Blackpool.
"He (Holloway) played to win the game. We have a squad of 25 players, we can use all the players.
"Otherwise you'll just have to say the rule is to have 12 or 13 players and that's all. You can use the players you want."