Office 365 Sync Shared Outook Calendar with Sharepoint 365 Team Calendar

I'm hoping my title describes my question correctly, below is what I'm trying to accomplish (I've spend hours searching for a solution.)

Create a vacation calendar that is viewable by users in both their Outlook and on the SharePoint Team site calendar.  Users should be able to see all others users calendar entries (who's in and out of office.)  Our users have to create "out of office" dates in their Outlook calendars, if they have to go to another calendar to enter out of office, I know they won't use it.  So I thought if I created a "shared calendar" they could invite when they create the "out of office" entry in Outlook, they'd remember to use the vaca calendar.  Then if there was a way to sync the Shared Calendar with SharePoint, my problem would be solved (they  would see the Shared Calendar in Outlook.)  I know it's not possible to send email to a calendar in SharePoint 365.  I found a utility to sync email with SharePoint, but  not the calendar.  Users Outlook is either 2010 or 2013.  

Sorry if this doesn't make sense, I can provide more detail, please ask.
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Vasil Michev (MVP)Commented:
You can create a SharePoint based calendar and then have users add it to their Outlook. Go to the Site -> Site Content -> Add app -> Calendar. Open the Calendar, then on the Ribbon select "Connect to Outlook". Others should repeat the process.
Ugo MenaCommented:
I think you can get to the Shared Calendar in Outlook and Sharepoint by following the article I wrote about this same exact task. However, we call our Vacation calendar the PTO calendar.

Users schedule their PTO on this calendar and the whole thing is shared to the rest of the company within Outlook and OWA.

I have update the article recently, everything is correct and up to date. :)
Here is the link to the article.
How to correctly share a Calendar in Office 365

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bobgrafAuthor Commented:
Thanks to both of you for your posts.  We call it PTO calendar also.  Ultralites solution looks great, and will complete most of my project.  Unless I'm missing something, there was nothing in the article about the PTO calendar showing up on the SharePoint Team Site.  If I did, could you explain how I would get that to work?  I know the shared calendar can be added to each users Outlook.
bobgrafAuthor Commented:
Ultralites - I followed your article, and although does not sync to Share Point, may work.  I had a few test users setup PTO in the new calendar, when I view the calendar in Outlook, entries are somewhat greyed out, and show up as tentative.  Is that how it should look (see attached.)
bobgrafAuthor Commented:
I agree with this close idea.
Bob Graf
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