His celebrations were cruelly cut short when Czech referee Zbyněk Proske ordered the penalty to be retaken as he adjudged Corcoran to have moved off his line before Proske blew his whistle.
Corcoran was understandably distraught after being dismissed.
Defender Oisin McEntee stepped between the posts for the decisive kick, but Redan stepped up for the re-take and fired home to set up a semi-final meeting with England.
Daishawn Redan was allowed a second go against a stand-in 'keeper and made no mistake as the Dutch progressed 5-4 in the shoot-out to reach the last four in Chesterfield.
Irish officials also remonstrated with the referee and senior team boss Martin O'Neill marched on to the pitch to take issue with the decision.
The game had finished 1-1 after 120 minutes of action and the save for which Corcoran was punished would have denied Redan a winning goal and provided the Irish with a lifeline.
The referee's decision was also met with outrage by many Irish fans online, with some claiming the Dutch goalkeeper was also guilty of coming off his line early. "It still is the moment of his career so far but just for the wrong reasons unfortunately".