UEFA has charged both teams over the violent scenes that took place after England secured their place in the European Under-21 Championship with a 1-0 win on October 16.
Serbia have also been charged with alleged racist chanting, with England's Danny Rose a particular target for abuse before he was sent off for kicking a ball at the crowd in Krusevac.
There have been widespread calls for UEFA to come down heavily on Serbia, as the country has a track record of racist incidents, and Mihajlovic expects the senior side to be punished.
"That is a much more serious problem than we can imagine," he told Sportski Zurnal.
"Frankly, I'm not an optimist on this matter. The big fish always eats the small fish and the English are bigger than us.
"We didn't need what happened in Krusevac, like the managers fighting on the pitch. They had to pull the kids apart.
"It's a difficult situation. I don't expect anything good. It can all have a bad effect on the senior team."