The 25-year-old - who was handed down the suspension for his part in a punching incident with Wales second row Robert Sidoli in last Saturday's 32-20 loss in Cardiff - said: "I am both relieved and happy that the process is now over and the hearing that I received was fair in its decision."
That decision means the 6ft 6in star can take his place in the Munster line-up for their Heineken Cup quarter-final clash with Biarritz Olympique on Sunday, April 3 - but only by a matter of hours.
As a result of his ban being back-dated to Saturday, March 19 and running out at midnight on Saturday, April 2 - O'Connell is available for selection for his province in San Sebastian.
Ireland coach Eddie O'Sullivan said of this afternoon's minimum sanction verdict: "The two-week suspension that Paul received I believe is a fair outcome in terms of what took place during the incident. It was a fair hearing and both he and I are happy that justice has been done."
The three-man Committee was chaired by Lorne Crerar (Scotland) and included Jeff Probyn and Bob Taylor (both England).