Grabner's grandmother died and he is returning to Austria for the funeral. Coach Alain Vigneault said Grabner is expected to rejoin the Rangers in time for their game at the Winnipeg Jets on Thursday.
Grabner's 13 goals lead the Rangers and are the most even-strength goals in the NHL.
The Rangers called up forward Marek Hrivik, 25, from Hartford of the American Hockey League on Monday. Hrivik leads Hartford with 17 points and is tied for the lead with eight goals.
Hrivik made his NHL debut last season with the Rangers and had one assist in five games. Vigneault said Hrivik will play against the Islanders with either Josh Jooris or Oscar Lindberg a healthy scratch.