Town are appealing against the decision, making him eligible to play on Monday, and he responded with two important second-half goals.
Blues boss Keane said: "Jon did really well. Saturday was disappointing for him but you're always going to have disappointments as a footballer.
"You're going to get injured, suspended and lose a bit of form. You have to deal with setbacks but it's about action.
"I said two or three weeks ago that I wanted one of my strikers to step out of the pack.
"Steady's done that but how he didn't end up with a hat-trick I'll never know."
Keane was delighted that his side bounced back after their disappointment at Selhurst Park.
He continued: "It was a good reaction from Saturday. All the squad contributed and there were plenty of pluses.
"We scored three goals at home and on another day it could have been more. I'm really pleased with all the players.
"Any team can win a football match but the good teams keep winning.
"We've not won back-to-back games since last May, but we're getting there."
Jon Walters had given Ipswich a perfect start when he drilled home inside four minutes, with the aid of a deflection off Kaspars Gorkss.
Stern John held the ball up and then pushed forward an exquisite pass. Walters raced on to it and his low shot from the left spun off the Rangers centre-half, totally deceiving goalkeeper Radek Cerny.
Stead's first strike then effectively settled the contest.
Owen Garvan pumped the ball forward from deep on the left and Stead, with his back to goal, controlled it inside the D before turning and firing a low effort inside the right-hand post.
It was a confident, precise finish and there was more to come soon after, following a surging run down the right from Walters, whose low cross was desperately pushed away by goalkeeper Cerny.
However, Stead was first on the loose ball and stroked home his sixth goal of the season.
Rangers boss Paul Hart said: "I thought our first half performance warranted a better return than we got.
"We were unfortunate with their first goal, when it took a deflection and looped past the keeper.
"After that I thought we should have had a penalty and then should have scored after a great cross fell to (Adel) Taarabt. Goals change games.
"We felt if we could reproduce our performance of the first half we'd be all right but we lost our legs a bit.
"Their second goal came after a slip on the touchline and it's hard to swallow because we're not getting done by great goals. We're the architects of our own downfall.
"We should have been ahead at half-time and felt that if we could replicate our performance of the first half we could get at least a draw."