The Ocellated Piculet has a broad geographic distribution. The population trend has not been quantified, but is believed to be stable. Consequently, the IUCN Red List status for Ocellated Piculet is as a species of Least Concern (BirdLife International 2012).
The relative abundance of Ocellated Piculet in Peru is assessed as "uncommon" (Schulenberg et al. 2007), although locally it can be "quite common" (Walker 2005).