The 21-year-old Chelsea attacker was sent off in the 87th minute of Monday’s match in Brisbane, which European champions England went on to win on penalties.
She will miss England’s quarter-final against Colombia in Sydney on Saturday as well as a potential semi-final, but would be available to return should the Lionesses reach the final on August 20.
James apologised on Tuesday to Alozie over the incident, tweeting: “All my love and respect to you.”
“I am sorry for what happened,” added James.
Separately, the England team released a statement of their own saying: “Lauren is really sorry for her actions which led to the red card and is full of remorse.
“It is wholly out of character for her.”