The NBA issued the sanction after Wade flailed his leg and made contact with Sessions' groin area during the Heat's 105-92 victory over the Bobcats in Charlotte on Wednesday.
While it was unclear whether the action was intentional, Sessions confronted Wade directly after the play, the league took action and released an official statement.
Miami's All-Star guard will serve the penalty during Friday's game against the Detroit Pistons.
Wade is averaging 20.2 points per game for the defending NBA champion Heat (20-6), who currently lead the Eastern Conference. (Writing by Jahmal Corner in Los Angeles; Editing by John O'Brien)