Pietersen and his teammates were accused by Australia's Channel 9 of putting tape on their bats during the series in a bid to prevent Hot Spot from picking up nicks.
Following the accusations, which Channel 9 apologised for, Specsavers published an advert via their Twitter page with an image of Pietersen and a caption saying: "'Bat tampering' in the #Ashes? Apparently Hot Spot should've gone to Specsavers."
The batsman took legal action against the company, who have been forced to pay damages following a hearing at the High Court in London, according to Sky Sports News.
The optician services also released an apology saying: "During the 2013 Ashes series we published a 'Should've Gone to Specsavers' advert which suggested that Kevin Pietersen may have tampered with his bat in an attempt to prevent Hot Spot technology working.
"We did not intend to imply this suggestion. We accept that this allegation is untrue and that Kevin Pietersen did not tamper with his bat. We apologise unreservedly for any distress and embarrassment our advert has caused to Kevin Pietersen. We have removed the advert from circulation."
Specsavers have also paid the batsman's legal costs.