Odemwingie netted 15 times in his debut season and played a major role in the Baggies surviving in the Barclays Premier League.
Olsson said: "I know how frustrating it is for a striker when he is struggling a bit with scoring goals.
"Everyone knows Peter has got it in him. It was great for him to get the hat-trick and maybe he will kick on now and keep scoring.
"When he is on form, he is one of the best strikers in the league. Scoring 15 goals for us last season was fantastic.