The manager was furious with Ferdinand on Saturday when the 33-year-old defied his order to wear a T-shirt backing the Kick It Out anti-racism campaign.
However, the pair held clear-the-air talks at United's Carrington training HQ yesterday.
And the firebrand Scot accepted Ferdinand's "compelling argument" for adopting his stance.
And with a peace deal brokered, the United boss is happy to concentrate on Ferdinand's attributes on the field.
"Rio can play for two or three years," said Ferguson. "He is not as quick as he was, but that is not a big problem because his experience is important. He is still a great footballer and, even at 33, there is no reason he can't stay on."
There had been fears the stand-off could have had Ferdinand follow in the footsteps of other Man United stars who paid the price for crossing swords with Ferguson.
But it seems the Carrington summit resulted in an amicable agreement to disagree, with Ferguson insisting any issues Ferdinand has over the FA's handling of John Terry's racism case with brother Anton should be taken up with the governing body directly.
Ferguson, a former union shop steward, declared: "It was a communication problem.
"He felt I should have spoken to him on Friday and I didn't anticipate there would be any problem in the dressing room as far as the T-shirt was concerned.
"I have listened to the conviction of Rio and it is quite compelling. I can understand his stance.
"But I think you are always stronger as a union.
"The advice I would give is that he should take it up with the proper authorities. It is through that he will make his voice heard.
"But we have resolved the situation and we move on. That is the end of the matter."
Anxious that his selection should not be viewed as a punishment, Ferguson broke with tradition by confirming Ferdinand and skipper Patrice Evra would not be in his starting line-up for tonight's Champions League encounter with Braga at Old Trafford.
Instead, the pair will be replaced by Scott Wootton and Alex Buttner as Ferguson plans for the tough domestic ties that await.
He said. "We have a game at Chelsea on Sunday, which is a big one for us, so we will leave two of the older players, Rio and Patrice Evra, out tonight."