Gemmell had called the Rangers manager a "p****" on Saturday night, while railing against comments McCoist made about the scheduling of yesterday's rearranged game at Ochilview.
McCoist sought the player out immediately after the final whistle, shook his hand and embraced him.
Gemmell, a Rangers season ticket holder, will though be the subject of an internal inquiry by his club, and may also face disciplinary sanctions from the Scottish Football Association.
"I reckon about 60% of our dressing room agreed with him - that was the concerning thing," joked McCoist. "He did miss the point - my main gripe was the fans being asked to travel about to three or four games at this time of year. I was just trying to fight the fans' corner."
Stenhousemuir will decide whether or not to take action on Gemmell this week. "We will deal with it but it didn't distract us," added Martyn Corrigan, the home side's manager.