The three-match ban is in addition to the one already served for the red card itself, which was the result of two bookings.
Olsson accepted an FA charge of improper conduct last week following the incident during the match at Molineux on 10 August, which Wolves won 1-0.
He was charged with making physical contact with Hooper just before being sent off for a second booking for a foul on the Wolves winger Rajiv van La Parra.
The 26-year-old appeared to push the referee as he was leaving the pitch and the FA decided his behaviour amounted to improper conduct, which had occurred outside the jurisdiction of the match officials.
Olsson was suspended for last Saturday's 3-0 victory over Watford at Carrow Road, and will now miss the Championship fixtures against Blackburn, Ipswich and Crawley in the League Cup.
An FA statement read: "Following an Independent Regulatory Commission hearing, Norwich City's Martin Olsson has been suspended for three matches commencing with immediate effect, subject to any appeal.
"Olsson, who was also fined #3,000, admitted an FA misconduct charge in relation to an incident which occurred during the game against Wolverhampton Wanderers on Sunday 10 August 2014.
"The charge was 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."