"I am happy and relieved, my stance is vindicated," he said, after the International Cricket Council (ICC) changed the result on the request of the Pakistan Cricket Board (PCB) during its annual meeting.
The then Pakistan captain Inzamam led a boycott after Australian umpire Darrell Hair and West Indian colleague Billy Doctrove accused Pakistan of ball-tampering during the fourth Test against England.
Inzamam refused to take the field after tea on the fourth day in protest over the umpires' decision to endorse five penalty runs over the incident.
England were then awarded the Test on forfeit, the first such instance in Test cricket's 131-year history.
"Pakistan was cleared of tampering so the decision of forfeit was wrong because we objected to allegations of tampering and the decision to change the result proves it was wrong," said Inzamam who retired last year.
The ICC executive committee's decision means England won the four-match series 2-0 instead of 3-0.
Following the Oval Test, an International Cricket Council (ICC) disciplinary committee banned Inzamam for four one-day matches on charges of disrespecting the game with his protest.
Umpire Hair was later banned from the ICC elite umpire's panel. The Australian only returned after completing a "rehabilitation programme" last September -- a reinstatement Inzamam still protests.
"I think Hair, being the central figure in that Oval case, should not have been allowed to umpire at international level. He has returned to international cricket which is not good," said Inzamam.
PCB chairman Dr Nasim Ashraf said the decision showed there was respect for Pakistan among the ICC members.
"It was unheard of before that the result of a match is changed after two years," Ashraf told AFP. "We are thankful to all member boards especially England and Wales Cricket Board who did not object to the decision."