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.
Gilbert has released a new line of rugby cleats. The Gilbert Virtuo 8S is part of the exciting new product. Check it out.
The entire All Blacks apparel line has been updated for 2013/14. Check out the New Zealand All Blacks polo.
The Nike Tiempo is a solid rugby cleat and one of few styles still made from full-grain natural leather.
The Gilbert Blitz 8S rugby cleat is a great cleat at a great price of $69.99. Get a new pair of cleats today.
A cool looking all black rugby cleat with the high performance adidas is known for. Get in the Gear!
Wear the crest of the British and Irish Lions on your t-shirt. A great look for the summer.
$29.99
The All Blacks Performance t-shirt is black with hints of blue from the training jersey. Very Cool.
The New Zealand All Blacks training jersey for 2013/14. Get in the Gear!
The USA Rugby Pro Alternate rugby jersey is perfect for any fan of the Eagles. Get yours to wear during the summer Test matches.
The NEW All Blacks 2013/14 jersey has arrived at World Rugby Shop. Dare to wear the colors of the All Blacks.
