It will be the second time City has competed in the round of 32, after losing 2-0 to Melbourne Victory at home in 2014.
City won the National Premier Leagues WA in 2014, 2015 and 2017, while Olympic FC won the inaugural NPL Queensland in 2013 and was runner-up in 2018.
Coach Chris Coyne said the players were looking forward to the challenge.
“We are under no illusion that we are up against a good team in Olympic FC. They have been very consistent over a number of years and after watching them in quite a few games, I am aware of the risks they pose to us in the next round of the Cup,” he said.
“The players are looking forward to the travel to Brisbane as it’s a novelty and something most of them have not had the experience of doing.
“We will enjoy it but as we have the experience of doing it as a club and also from my playing days, we will ensure that the players are prepared properly.”
Coyne said the coaches had adapted the team to suit the requirements of day football.
“They (players) need to concentrate on cutting out silly mistakes and ensure that they hold discipline within the team structure,” he said.
The two sides will play on July 24 at Perry Park.