Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente; drain and rinse under cold running water.
In a large bowl, combine the salsa, mayonnaise, green capsicum, garlic powder, salt, black pepper and olives; mix well. Pour pasta into mixture and stir to coat thoroughly. Cover and refrigerate at least one hour before serving.