A campfire with flags and abusive posters about the soldier being charged with murder on Blood Sunday is treated as a hate incident.
Parachute Regiment material was distributed throughout the stake before it was lit on Thursday night at Londonderry's national estate in Bogside, near the scene of the 1972 shootings.
Trade union and loyalist flags were also fired.
The Northern Ireland Police Service (PSNI) in Foyle said the matter was treated as a "hate incident".
"We receive a series of reports of offensive material about the campfire in the Bogside area of the city," it said.
"As a police service, we recognize the injuries and frustrations that can cause this. The presentation of this material was perceived as offensive and unpleasant. "
In a post on Facebook, PSNI Foyle added, "Where crimes have been committed and suspects identified, they will be brought to justice."
Hundreds of spectators watched as the fire, which is lit every August, went up in flames.
A number of fire engines visited a nearby building and poured water over it to make sure it did not catch any light.
An experienced paratrooper named Solider F is being prosecuted on Blood Sunday for two murders and four attempted murders.
Thirteen civil rights demonstrators were killed when paratroopers opened the fire in January 1972 in Derry on the crowds.
The Soldier F case, which is scheduled for trial for the first time in September, has been the subject of intense controversy in Northern Ireland and beyond.
Loyalists used the Parachute Regiment symbol to demonstrate support for Soldier F.
The firing of the bonfire takes place days after a loyalist flute band was accused of insensitive behavior after participating in a loyal parade through Derry on Saturday in regimental badge uniforms and the letter "F".
The police have sent prosecutors a report on the actions of the Clyde Valley Flute Band from Larne to determine if members are guilty of provocative behavior.
Every year on August 15th, a campfire is lit in Derry to celebrate a Catholic feast day celebrating the Assumption of the Blessed Virgin Mary.
More recently, however, the fire built by local youth has become a source of strife and has been associated with antisocial behavior.
The police followed the final construction of the bonfire on Thursday remotely and used cameras on tall masts to capture scenes in which teenagers hooded material about Solider F were set on fire.