Shearer ran the ball into the corner during Saturday's superb 4-3 win for Newcastle over Manchester United, before he and Keane were involved in an unsavoury spat.
After throwing the ball at The Magpies' captain, knocking the cards out of referee Steve Bennett's hands and then throwing a punch, Keane was ordered off for the ninth time in his Old Trafford career.
This prompted a violent reaction from Keane and he had to be held back by David Beckham from launching himself at Shearer, before eventually making his way off the pitch.
Speaking to Sky Sport News, Shearer said: "I've got the utmost respect for Roy Keane. He epitomises everything about the game, he doesn't like losing - and rightly so - but that's what makes him such a great player.
"Sometimes he loses his temper but if you took that away he wouldn't be the player he is and I admire him for that."
With the game almost finished, Shearer admitted he was partly to blame, given that he was timewasting.
He said: "I didn't want to get involved, I was just trying to be professional and waste a bit of time, but that's football.
"But I've got no complaints with him. As I said, he's a great player and I've got nothing but respect for him."
Meanwhile midfielder Jordan Tait, who was released by Newcastle in 1999, is currently on trial with Arbroath.
