While we must wait until Jacob for the extended allegory of the olive tree, Lehi was obviously familiar with it, and used a reference to the allegory in connection with the unfolding of his vision.
Historical note: It is appropriate that the olive tree appear in conjunction with a text elucidating the Tree of Life dream, as the olive tree was one of the traditional botanical species considered to have been the original Tree of Life. While other species shared that distinction, the association of the olive with the tree of life continued, and perhaps provides one of the contexts in which the allegory appears in Lehi's exposition.