The 29-year-old has extended his terms at Ravenhill until 2017.
Henry has gone on to play over 100 times for Ulster since penning his first professional deal with the province in 2006.
"I am delighted to have committed to Ulster for the long-term," Sky Sports News quotes him as saying.
"This squad is getting better and better. We have experience, as well as young players coming through who are proving that they can perform at the very highest level.
"It is a great team to be a part of and there is no doubt that when it comes to winning silverware we have some unfinished business to do."
Henry has won a total of eight caps for Ireland's national team.