A new date for the fixture has yet to be arranged, but all tickets for the game remain valid.
QPR boss Jim Magilton reluctantly accepted the decision to postpone the game.
The match was called off by referee Mick Russell after a final pitch inspection at 7pm following persistent and heavy rain in west London which left standing water across parts of the playing surface.
Magilton said: "We've been guided by the safety officer and the referee.
"The rain hasn't stopped - the groundsman and his staff have done everything they can to get the game on, but unfortunately the weather has won.
"We apologise to the fans who were probably looking forward to a good game, both our own and the Palace faithful.
"It's just one of those things. It's a home game and we were looking forward to it but we've got to accept the decision."