Renshaw, fielding at short leg, was struck on the top of his helmet from a powerful sweep shot by Sarfraz Ahmed on Thursday.
The 20-year-old was examined by team doctor Peter Brukner and initially he continued, but left the field an over later due to a headache.
"He rested in the dressing room and then, when we returned to the hotel, we performed concussion tests and his cognitive, balance, co-ordination and reaction times were all within normal limits," Brukner said on Friday.
Renshaw was also struck while batting on Tuesday, as a Mohammad Amir short-pitched ball struck him on the helmet grille. Renshaw received treatment on the field before he carried on and scored 184 for his maiden test century.
"The more examples, the more experience we have with this, the more common it is, there will be pressure on the ICC to do something about a concussion sub," said Brukner.
"Without a concussion sub there is a lot of pressure on the player, the coach and the doctor to allow the player to continue. So it would be helpful in that regard if we had a sub that would make it easier to pull players out with a concussion.
There was better news for Australia with regard to wicketkeeper Matthew Wade, who missed almost all Thursday's play as he dealt with nausea, vomiting and diarrhoea.
"We administered medication and after a night's rest he is feeling much better and will take part in play on Friday," Brukner said.
Play was delayed until after lunch on Friday, with Pakistan resuming at 271-8, needing another 68 runs to avoid the follow on.
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