The Tigers pair were accused of abusing match officials during the Aviva Premiership semi-final victory over Northampton nine days ago.
Rugby Football Union disciplinary officer Judge Jeff Blackett said he had decided to take no action against Cockerill or O'Connor.
It relates to allegations they abused match officials or otherwise acted in a way that was prejudicial to the interests of the game.
Former England hooker Cockerill and Australian O'Connor could have faced match-day coaching bans and a prospect of not being involved in next Saturday's Premiership final between Leicester and Saracens at Twickenham.
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