The two stars and their entourages reportedly clashed over a parking space outside the Westlake Studio in West Hollywood, and police were called to the scene.
Ocean later took to his Twitter.com page to complain about the incident, claiming that he was "jumped" by Brown and left with a hand injury.
He wrote, "Got jumped by Chris and a couple guys. Lol (laugh out loud)... Cut my finger now I can't play with two hands at the Grammys."
Ocean named Brown as the suspect in a battery report filed with police, but it appears he has since decided to forgive the Kiss Kiss singer and will not be pressing charges.
In a statement posted on his website, the Channel Orange star writes, "As a child I thought if someone jumped me it would result in me murdering or mutilating a man. But as a man I am not a killer. I'm an artist and a modern person. I'll choose sanity. No criminal charges. No civil lawsuit. Forgiveness, albeit difficult, is wisdom. Peace, albeit trite, is what I want in my short life. Peace."
However, Los Angeles County Sheriff's spokesman Steve Whitmore tells the Associated Press that they will continue the investigation because Ocean has not officially told authorities that he wants to drop the charges.
Brown remains on probation for attacking his then-girlfriend Rihanna on the eve of the 2009 Grammy Awards and is due back in court on Wednesday to update a judge on his progress.
Ocean is scheduled to perform at the Grammys later this month, when he will compete for six awards including Album Of The Year.