The Ireland internationals denied raping a woman at Jackson's house in June 2016.
The duo were cleared of rape at Belfast Crown Court on Thursday (AEDT), with Jackson also found not guilty of sexual assault.
Blane McIlroy, who was accused of exposure, and Rory Harrison, charged with perverting the course of justice and withholding information, were also found not guilty.
Fly-half Jackson said outside court: "I would like to thank the judge and jury for giving me a fair trial and my parents for being here every day and my brother and sister."
The Irish Rugby Football Union (IRFU) and Ulster will make a decision on the futures of Jackson and Olding after conducting a review.
A joint IRFU and Ulster statement read: "The IRFU and Ulster Rugby note the verdict handed down today at the Belfast Crown Court in relation to the case brought against Paddy Jackson and Stuart Olding.
"We wish to acknowledge that this has undoubtedly been a difficult and extremely traumatic time for all involved.
"To respect the judicial proceedings the IRFU and Ulster Rugby postponed any internal review of the matter with the players, until the proceedings concluded.
"IRFU and Ulster Rugby officials will review the matter, in line with existing procedures for all contracted players. A Review Committee, made up of senior representatives of the IRFU and Ulster Rugby, has been appointed and will conclude its review as soon as practicable.
"The players will continue to be relieved of all duties while the Review Committee is in process and determining its findings."