Ward hurt the knee while making a save during the second period of the Hurricanes' Sunday win over Florida.
The netminder was diagnosed with a third-degree sprain of the medial collateral ligament. He won't require surgery, but could miss the rest of the regular season for Southeast Division-leading Carolina.
Ward has compiled a 9-6-1 record with a 2.84 goals-against average and a .908 save percentage in 17 games this season.
His primary backup is Dan Ellis, who is 3-2-0 with a 2.53 GAA and .923 save percentage in seven contests.