The former West Brom striker was a victim of racial abuse during the 1970s and '80s, but was cautious of a social media campaign that trended worldwide on Twitter.
Regis, 56, told BBC Radio 5 live: "You don't want it to detract from the severity of the racist insult it was intended to be. That's the danger."
The campaign against racism involved various footballers taking photographs of themselves eating a banana in support of Alves, who was targeted by a Villarreal fan on Sunday.
The Barcelona right-back had a banana thrown at him while taking a corner during Sunday's 3-2 win against Villarreal. Alves was praised for his reaction to the incident, as he picked the banana up and took a bite before continuing with the match.