The media regulator received 262 complaints about the comic's routine at the event, which was broadcast on ITV1 on February 14. These mainly related to jokes made about "intimate body parts" and drugs.
A comment that particularly offended viewers was: "time to find out who has pierced the hymen of awareness to ejaculate success into the uterus of popular culture".
Several other complaints were related to comments made by Brand about Iraq, the Queen and Robbie Williams.
Complaints about references to drugs included Brand's comment about David Cameron's alleged drug taking at school. Brand said: "What about the rumours that David Cameron smoked drugs as a schoolboy, what worries me most is that he dressed up as a schoolboy to do it, the pervert."
Ofcom ruled that the comments did not breach broadcasting rules relating to glamorising drugs and protecting children.
In its ruling Ofcom said that the comments were justified in the context of a "rock and pop event aimed at a primarily youth audience."
In response ITV echoed this, adding that Russell Brand is well known for his "flamboyant persona" and "most viewers would have been familiar with his style of humour and would expect him to be edgy and provocative."
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