Alexis Sanchez stroked home a stoppage-time penalty at Turf Moor after James Tarkowski was adjudged by referee Lee Mason to have fouled Ramsey in the box.
The Burnley centre-back appeared to push Ramsey in the back as the Wales international went for a header but Hislop believes there was a level of theatrics involved in the incident.
Everton's Oumar Niasse received a two-match ban last week after he "exaggerated the effect of a normal contact to deceive the referee" by winning a spot kick in the 2-2 draw with Crystal Palace.
In doing so, Niasse became the first player to be punished under the new rule, and Hislop believes that Everton fans have a right to question the FA if the Ramsey case is not at least investigated.
He told ESPN: "The FA will not review this and now if you're an Everton fan you sit back and say 'hold on a minute - our player gets a two-game suspension for slightly less but now an England international playing for a top-six club and you're not even going to review it, let alone suspend?'
"That's the bar the FA has set and they've made their own problems here."
Perhaps the FA should look into the incident if they feel that Ramsey, like Niasse, exaggerated the contact in order to deceive Mason. That being said, it was nowhere near as blatant as what the Everton man did at Goodison.