The Swedish defender was given his marching orders on the hour mark after picking up a second booking for a foul on Wolves winger Rajiv van La Parra.
It was as the 26-year-old started to make his way off the pitch at Molineux that he allegedly made physical contact with the official. He faces the possibility of an extended ban if found guilty.
A statement at www.thefa.com said: "It is alleged that Olsson's action in making physical contact with the referee immediately prior to being shown a red card and for his behaviour as he left the field of play amounted to improper conduct, which occurred outside the jurisdiction of the match officials. Olsson has until 6pm on 14 August 2014 to respond to the charge."
Olsson's charge caps off a weekend to forget for the Canaries after their bid to bounce back into the Premier League started with a defeat and they also had to launch a racism probe with Wolves following complaints from supporters at Molineux.
Wolves facilities and safety manager Steve Sutton said stewards were alerted to an incident towards the end of the game in the visitors' end, with allegations of racism being made against two individuals.
"As a club, we deplore racist behaviour and indeed any form of discrimination, and are grateful to those Norwich supporters who brought it to the stewards' attention," Sutton said.
"It is thanks to those supporters, in highlighting the behaviour of their fellow fans, and the stewards, that the perpetrators have been identified.
"Aside from this one incident, yesterday's game was played in an excellent atmosphere and supporters of both teams were a credit to their clubs."
Officials from both clubs will be working closely with the authorities following the incident, while Norwich have warned anyone found guilty of such behaviour faces a life ban from Carrow Road.
Norwich said in a statement: "Following allegations of racist behaviour by two or three supporters, the club is passing our evidence on to police and asking them to investigate the matter further.
"In addition to and separate from the outcome of any police enquiries, the club will ban any supporters we are satisfied are guilty of racist behaviour from Carrow Road for life.
"The club has a zero-tolerance policy on racism and other forms of discrimination and will always ban anyone found guilty of such behaviour from our ground."
Meanwhile, the anti-discrimination campaign group Kick It Out has praised the actions of the Norwich fans who reported the incident and stressed it is vital for all supporters to do their part to eradicate unsavoury antics.
Lord Herman Ouseley, chair of Kick It Out, said: "This incident proves the power of supporters coming together to confront discriminatory behaviour. We are especially worried about the rise of antisemitism across Europe - particularly in the current climate - with the ongoing conflict in the Middle East.
"It is important football fans remain vigilant during a time when it is clear there is an increase in antisemitism. It is also vital that all of the game's stakeholders collectively work to root out any type of discriminatory behaviour with the new season now under way."
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