A native of Dadesjo, Sweden, Fredrik Olausson played with the Nybro club of the second division before joining Stockholm's well-known Farjestad outfit. The Winnipeg Jets took him 81st overall in the 1985 NHL Entry Draft after enjoying a strong year at Farjestad and representing his country at the World Junior Championships. After one more year in the Elitserien and playing at the 1986 World Junior Championships and senior World tourney, Olausson decided to head for North America.
The talented Swede became a key element in the rapid transition game and explosive power play on the Jets. A member of Sweden's World Championship team in 1989, Olausson spent over seven seasons in the Manitoba capital and set a personal high with 20 goals in 1991-92. The team was successful and entertaining but always played in the shadow of the Edmonton Oilers and Calgary Flames.
Olausson was traded to the Oilers when they were rebuilding in 1993-94. By this time, he was a savvy veteran who made crisp passes and smart plays. He later played for Anaheim and Pittsburgh spending the 2000-01 season with the Swiss club SC Bern. The veteran returned to the NHL in 2001-02 after signing as a free agent with Detroit Red Wings following his sabbatical overseas and went on to capture his first Stanley Cup in a five game series win against the upstart Carolina Hurricanes and was earlier in the year a member of Sweden's Olympic Team.
After pondering retirement, Olausson signed as a free-agent with Anaheim prior to the 2002-03 season.