The financially-struggling side failed to register the duo before the deadline at the end of last year after Olmo and Victor were given temporary licenses when they joined in the summer.
The CSD decided Olmo and Victor can be selected by Barca until they make a definitive ruling in the club's case against La Liga and the Spanish football federation (RFEF), who did not let the club renew their registrations.
"This measure, which is provisional until the appeal filed by the club and the aforementioned players is finally resolved, suspends (La Liga and RFEF's decision), and the cancellation of the sports licenses of the aforementioned players," said the CSD in a statement.
"It also maintains the validity of said licenses until this appeal is finally resolved."
Olmo and Victor are set to miss Barcelona's Spanish Super Cup semi-final clash in Saudi Arabia with Athletic Bilbao later on Wednesday.
The pair would be eligible to play in a potential final on Sunday should they qualify, and in Barcelona's matches after that, until the CSD reach a final ruling.
Olmo and Victor missed the club's Copa del Rey round of 32 win at Barbastro on Saturday, with Barcelona presenting their case to the CSD on Tuesday.
The players were initially registered on a short-term basis, as Barcelona took advantage of a financial loophole following an injury to defender Andreas Christensen.
After Barca lost two court cases aiming to secure new licenses for the duo last week, they sold VIP boxes for their new Spotify Camp Nou stadium, still under construction, for a reported 100 million euros ($104 million) to be able to operate within La Liga's financial fair play scheme.
However the deal was finalised and paperwork sent three days after the league's deadline.
La Liga confirmed Barcelona have now met the financial requirements but Olmo and Victor's licenses had expired, and regulations prevent players "obtaining another license at the same club to which they were already linked" in the course of one season.
Spanish media reported that Barcelona are arguing that the rule is obsolete, as they now have the funds while the transfer window is open, they should be allowed to register the duo.
