They are the only changes to the starting side that lost to Newport Gwent Dragons at Rodney Parade three weeks ago.
Jackson is named at outhalf with Olding selected alongside him at inside centre.
Iain Henderson, who was part of Ireland's RBS 6 nations triumph last weekend, starts at blindside against the Welsh region.
Callum Black, Rob Herring and Wiehahn Herbt are all named in an unchanged front row.
Franco van der Merwe and Dan Tuohy continue in the second row, with Clive Ross and Nick Williams selected in the back row along with Henderson.
Ruan Pienaar, who passed the 500 points mark in the PRO12, at Rodney Parade, starts at scrum half, with Darren Cave, who continues as Captain, selected at outside centre.
Michael Allen is picked on the left wing, with the PRO12's leading try scorer, Craig Gilroy, selected on the right. Louis Ludik is named at fullback.
Roger Wilson was unavailable for selection due to personal reasons.
There are fewer than 1,000 tickets remaining for the fixture.
Tickets for the game are still available and can be purchased via Ticketmaster.
Fans will also be able to buy on the gate tomorrow evening, although for the best available tickets, supporters are encouraged to purchase in advance.
The match will be live on BBC 2 Northern Ireland.
Ulster team & replacements to play Cardiff Blues, Guinness PRO12, Kingspan Stadium, Friday 27th March (19:35 kick off): (15-9): L Ludik; C Gilroy, D Cave (Captain), S Olding, M Allen, P Jackson, R Pienaar; (1-8): C Black, R Herring, W Herbst, D Tuohy, F Van der Merwe, I Henderson, C Ross, N Williams;
Replacements (16-23): J Andrew, A Warwick, B Ross, R Diack, A N Other, P Marshall, I Humphreys, R Scholes.
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