Stevenson was not punished by referee Willie Collum for the lunge on McPake, but could be retrospectively by Scottish Football Association compliance officer Vincent Lunny.
"It was a disgusting tackle," said on-loan Manchester City defender McGivern.
"It was a red-card tackle. James McPake is not the kind of guy to make a fuss over nothing but straightaway he's told the ref it was a two-footed lunge. I think everyone saw it except the referee."
Hibs boss Pat Fenlon added: "It's a shocking tackle. He had a look first before he left the ground. We're disappointed with that.
"He has a bad gash, James. There could have been a bit of damage there, but he's not too bad. But you can't be critical of the referee. I thought the referee reffed the game very well."
Hearts boss John McGlynn said: "I haven't seen it again. I think the referee was in a good position.
"It's a derby game, it's competitive. In derby games four or five years ago that wouldn't have been an issue."
The point saw Hibs consolidate their fourth-placed position ahead of the SPL winter break, while Hearts remained ninth, six points behind their rivals with a game in-hand.