The governing body are waiting to assess reports from both the UEFA delegate and the referee before taking any action against FK Rabotnicki.
Liverpool won the first leg of their third qualifying round tie against the Macedonian side thanks to a brace from David Ngog.
But pictures emerged after the game that showed Rabotnicki fans appearing to direct so-called 'monkey taunts' at Liverpool players.
Liverpool started the game with two black players in Ngog and impressive 19-year-old winger David Amoo.
A spokesman for UEFA told Press Association Sport: "We are aware of the matter but we are waiting for the reports from the delegate and the referee."
Once UEFA have assessed the reports, a disciplinary case could be opened against FK Rabotnicki.
Macedonian football has had problems with racism before and their governing body was fined after England players Emile Heskey, Ashley Cole and Sol Campbell were subjected to abuse during an international in 2003.