Olausson made his debut in the Swedish Hockey League, the top professional hockey league in Sweden, during the 2020-21 campaign and recorded four points (3g/1a) in 16 games for HV71. He began the year with HV71's team in J20 Nationell, Sweden's junior league, and collected 27 points (14g/13a) in 16 games before joining the senior team. The 6-foot-1, 180-pound right wing was loaned to Södertälje in Allsvenskan, Sweden's second-tier league to finish the campaign, recording six points (3g/3a) in 11 outings. Olausson has totaled 47 points (22g/25a) in 48 career games in J20 Nationell, all with the HV71 organization.
Olausson represented Sweden at the 2021 IIHF World Junior Championship, appearing in four games in his first time at the tournament. He also helped Sweden to a bronze medal at the 2019 Hlinka Gretzky Cup, recording a point (1g/0a) in five tournament contests.