Thanks for the question and for trying to keep things honest for yourself and for recruiters.
Two suggestions:
If it contributed to your Masters degree (which sounds like it did), consider listing it under "Projects" section (e.g., "Projects" section on LinkedIn profile). You can put your university as the associated organization, and add a 2-3 sentence description of the project and your role on it.
Alternatively, since it was on a volunteer basis, consider listing it under "Volunteering" section (e.g., "Volunteering" section on LinkedIn profile). Also list other volunteer experience, if any, including roles on projects where you volunteered time, involvement with nonprofits, community organizations, or clubs where you worked for free (or for relatively little, nominal compensation) that benefited a group or community. Note: Whatever you decide, avoid listing it in both sections (double-dip) as that may come off as confusing or worse, an attempt to mislead by overstating experience.
Whatever you decide, I would not recommend listing it in both sections (double-dip) as that may come off as confusing or worse, an attempt to exaggerate experience. Finally, I don't necessarily recommend this but if it's been a few years and you've had a few jobs since this experience, you could consider dropping it from your CV altogether. If the "value-add" of listing this experience is low, and your degree mostly captures your skillset gained during that timeframe, then omitting it seems acceptable.
Hiring managers typically focus on most recent formal work experiences rather than what someone did once in grad school, so it is unlikely this would impact your chances of getting a job. Good luck!