As per the Frozen Wiki, Elsa's official height is 5'7. Based on the movies, where Olaf is roughly half of Elsa's height, that would place the snowman right around 2'8 - which is much closer to his appearance in the Frozen films.
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After the release of Frozen 2, fans were surprised to see Olaf's height listed as 5'4 on the Frozen Wiki - which would make Elsa tower over him at over eleven feet tall.