I would say its Apples and Oranges.
They are nothing alike so I couldn't really compare them. Now it the question was UFC vs Wrestling, Boxing, or any other sport, I could answer. Or even if it was XGames vs Olympics I could answer. UFC and Olympics aren't the same at all though, so this question doesn't really make sense to me.
Perhaps if you elaborate as to what about it is on par with the Olympics [i.e. Production, Commercial, Training Level etc] I may be able to provide a better answer.
EDIT: It appears, from other users' answers, that you might be asking if UFC should be IN the Olympics...totally different question than what it says, since "On Par With" means 'at the same level as'. The Olympics already have Martial Arts in them, so I wouldn't see MMA in them as well. I don't know that it would work well because of the structure of MMA. MMA fighters come from all over the world, and aren't normally put into any set group because of it...how would they determine who would fight who...etc, when only a few countries really participate in MMA...as a general rule, you don't see any Asian or Middle Eastern countries represented in regular MMA...what would happen once it hit the Olympics? Plus, the fact that there is already Martial Arts in the Olympics would make it kind of pointless.