It was designated as a special award only for females, "in consideration of the merits of women in the various arenas of public and community service, as well as to the deeds and works for the benefit of their neighbours.

The creation of the award was announced to coincide with the official anniversary of the Romanov dynasty in 1913; it was later named in honour of Saint Olga (c. 890–969), who was among those who first preached Christianity to the people of Kievan Rus'.

The recipient was Vera Nikolayevna Panayeva (Вера Николаевна Панаева), a Russian widow of Colonel Arkady Aleksandrovich Panayev (1822-1889), who had lost three sons to fighting in the war.

Though the award has been translated as "The Order of Saint Olga" (Орденом Святой Ольги), it was not given that specific name or designation; being instead officially titled "The Insignia of the Holy Saint Princess Olga" (Знак отличия Святой Равноапостольной Княгини Ольги).

[2] Currently, the Moscow Patriarchate awards an Order of Saint Olga, Equal-of-the-Apostles, as a decoration for women.