Even liberal Serbs have warned that Friday's ruling created a sense of injustice and could stir nationalist sentiments. Serbia's government has scaled down cooperation with the tribunal, while Serbia's President Tomislav Nikolic said the verdict was political.
Dacic insisted "this verdict was clearly political ... designed to clear Croatia of crimes committed against Serbs."
Serbian media on Friday and Saturday repeatedly carried file footages of tens of thousands of Croatian Serb refugees fleeing in August 1995 in long columns on tractors, cars and carts. Many still have not returned to their homes.
In Croatia, the two generals received state honors and a hero's welcome on Friday, with tens of thousands jubilant people gathering in the capital, Zagreb, to greet them.
The country is also marking a remembrance day this weekend in the eastern town of Vukovar, which was heavily bombed by the Serb-led military in at the start of the Serb-Croat war in 1991.
The war erupted when Croatia declared independence from Serb-led Yugoslavia triggering a rebellion by minority Serbs. About 10,000 people died in the conflict.
Darko Vojinovic contributed to this report.