olympisch
Olympic
Relating to or belonging to the Olympic Games.
Die Schwimmerin träumt von einer olympischen Medaille.
The swimmer dreams of an Olympic medal.

Olympic
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Olympic
Relating to or belonging to the Olympic Games.
Die Schwimmerin träumt von einer olympischen Medaille.
The swimmer dreams of an Olympic medal.

The word 'olympisch' (Olympic/Olympian) has two roots, which explain both meanings. It refers to 'Olympia' (Olympia), the site of the ancient athletic competitions, and to 'Olymp' (Olympus), the mountain of the Greek gods, who were considered sublime and unshakable.
Der olympische Geist steht für Fairness und Völkerverständigung.
The Olympic spirit stands for fairness and international understanding.
You can easily recognize the meaning from context. If people are talking about sports, competitions, or medals, the meaning 'belonging to the Olympic Games' is meant. If a person or their behavior is being described, the figurative meaning 'sublime, calm' is meant.
Turnen ist eine klassische olympische Disziplin.
Gymnastics is a classic Olympic discipline.
In a sports context, 'olympisch' (Olympic) is often combined with fixed terms. Common collocations are 'olympische Spiele' (Olympic Games), 'olympische Disziplin' (Olympic discipline), 'olympisches Dorf' (Olympic Village), and 'olympisches Feuer' (Olympic flame).
Das olympische Feuer wird traditionell in Griechenland entzündet.
The Olympic flame is traditionally lit in Greece.
In the figurative meaning, 'olympisch' (Olympian) describes a superior inner attitude. Typical combinations are 'olympische Ruhe' (Olympian calm), 'olympische Gelassenheit' (Olympian composure), or 'olympische Gleichgültigkeit' (Olympian indifference).
Sie reagierte auf die Vorwürfe mit olympischer Gelassenheit.
She reacted to the accusations with Olympian composure.
sublime / above
'olympisch' and 'erhaben' can both describe something grand, dignified, or inwardly calm. 'erhaben' is the more general word. It fits an impressive landscape, a solemn moment, or a person who is above petty problems. 'Olympisch' normally has to do with the Olympic Games. Only figuratively does it mean something majestic or very calm, for example in the phrase 'olympische Ruhe' (Olympian calm). When it is not about sports, 'olympisch' often sounds more figurative and more special than 'erhaben'.

Trotz der lauten Kritik blieb die Chefin olympisch ruhig.
Despite the loud criticism, the boss remained Olympianly calm.
Der Blick von den Bergen auf das Tal war still und erhaben.
The view from the mountains down into the valley was quiet and sublime.