The two substitutes combined to help steer their side to a 1-0 FA Cup fourth-round win at Bolton.
Solskjaer, whose team face his old club Manchester United away in the Barclays Premier League on Tuesday, made five changes for this contest, opting to rest the likes of Steven Caulker, Gary Medel, Noone and Campbell by dropping them to the bench.
But following a poor first half at the Reebok Stadium, the Norwegian opted at the interval to throw on the latter pair.
And it swiftly paid off, with Noone crossing and the ball finding its way to Bolton goalkeeper Andy Lonergan, whose fumble allowed Campbell to slot it into the net.
When it was put to him that it had been an inspired substitution, Solskjaer said: "Good players!
"Good players make an impact and the two of them are good players.
"It was a great finish by Fraizer and another one of those runs by Nooney.
"It was probably our best move of the day and it was an instinctive finish by Fraizer, so I'm very happy with that."
Solskjaer admitted he had been mindful going into the meeting with Sky Bet Championship outfit Bolton of the clash with United, as well as Saturday's home league encounter with Norwich.
"It is obviously an important part of the job to pick the right team from the start and think what you are going to do with your subs," he said.
"We have a game on Tuesday and on Saturday, and obviously they were in the back of my mind.
"That is why I picked the team I did today, and we gave those two lads (Noone and Campbell) half a game's rest.
"I thought it was the right time to put them on because I thought Fraizer would be able to run down the channels, and we just needed a change.
"In the first half we did well in terms of possession, but I don't think we had many shots on goal. We didn't really threaten them in behind, so something had to happen."
Asked what watching United boss David Moyes would have learned about Cardiff, Solskjaer - who was overseeing his fourth game as Bluebirds manager and second win - said: "That we will change a lot of players for Tuesday!
"We are trying to implement our new ideas obviously.
"David will know that he will be playing against a team that will come there and enjoy it, will defend well and work hard. That is probably a couple of things he learned."
Bolton, looking to bounce back from a 7-1 mauling at Reading in the league last weekend, matched Cardiff in the first half and gave a spirited response after conceding the goal.
Wanderers boss Dougie Freedman was pleased with his players' efforts overall and emphasised with regard to Lonergan's mistake that the Trotters do not have a "blame culture".
"I thought in the first half we were defensively very strong and compact, moved the ball well and created some half-chances," he said.
"When you are playing against this kind of level, you have to take them, so not going in at half-time a goal up was a bit disappointing.
"I felt it was because of our performance in the first half that they changed it and brought on two high-quality players.
"They got a little bit of momentum from that, unfortunately we made an error and that was the only thing we did wrong today.
"Overall I'm very pleased with the spirit and the performance, particularly given what happened last week - it was a good response.
"Andy Lonergan is experienced enough. He has made an error, but he has been fantastic for us.
"We don't have a blame culture at this football club.
"I felt the difference today was that when we got in and around the box, we just didn't have the quality to get that goal."
Freedman also confirmed that Bolton striker David Ngog is in talks with Swansea with a view to a switch.
Meanwhile, Stoke have reached an agreement with Cardiff over a move for Peter Odemwingie, which will see fellow frontman Kenwyne Jones head the other way in a player-exchange transfer.