I remember some schools from my youth that used "satisfactory" or "unsatisfactory" as grades. I've never heard "fair" used that way. In casual conversation you could say someone has "fair" grades, but it's not really the way it would be expressed by teachers or school officials in transcripts or on report cards.

ちたあかなやんやなたみゆかえはらなたならんまなは

In my experience, they belong to different grading systems. Example of grading systems include: A, B, C, D, F. (With or without pluses or minuses). 0 to 100. 1 to 5. Excellent, Good, Fair, Poor, Failing. And some two-point scales: Satisfactory/Unsatisfactory Pass/Fail.

To me, "fair" sounds like a higher grade than "satisfactory". "Satisfactory" suggests the lowest performance that is still passing. "Fair", on the other hand, sounds like a reasonable, but not spectacular, performance - nothing to be ashamed of, but nothing to boast about either. "Fair" would be what used to be called a "C", but nowadays with grade inflation would be more like a "B+".

From my experiences: "Satisfactory" is most neutral and natural for academics. Usually, in academics, things are either satisfactory or they are not - e.g. grades, elements to an analysis, or thresholds. "Satisfactory" has a more objective stance. "Fair" - is more subjective. "Fair" is often too obscure or abstract to apply to many academics and sciences. Satisfactory can be accurately measured whereas fair cannot. In academics, the conclusion to the written work will either satisfy or not satisfy the hypothesis or thesis. I would be wary of any academic paper that focuses on "fairness," unless it is an opinion piece. In your case, for an 'academic transcript' - I would use "satisfactory." Satisfactory is best used when there are thresholds to pass - such as GPA or minimum grades needed.