The game marked the return from injury of international back three trio Jacob Stockdale, Stuart McCloskey and James Hume.
The Reds took the lead in the eighth minute with a try from hooker, Matt Faessler.
The visitors kicked a penalty to the corner and from the lineout, the forwards set up a powerful drive with the Wallaby hooker squeezing over in the corner. Fly- half, Harry McLaughlin-Phillips, failed to convert from a tight angle.
Ulster were denied a try on 15 minutes following their first sustained period of pressure in the Reds 22.
Following a series of pick and goes on the line, the home side were awarded a penalty and hooker, Tom Stewart, took a tap and surged for the line but the Australians were able to get enough bodies under the ball to prevent a grounding.
The Reds reprieve was temporary, as three minutes later Ulster opened their account.
From a five-metre scrum, Ulster quickly moved the ball across the pitch, with Kiwi fly-half, Aidan Morgan, flinging a long pass out to the wing for Jacob Stockdale playing his first game since the November Autumn Nations Series to jog in.
Morgan converted from a tight angle to give Ulster the lead.
Ulster’s lead was short- lived as five minutes later Australia’s captain, Harry Wilson, grabbed the visitor’s second try.
From a lineout the Reds forwards probed at the line, before the Wallaby number eight powered through a gap to touchdown, with McLaughlin-Phillips converting.
Ulster responded immediately with a well-worked try scored by Conor McKee.
The scrum-half ran on a wrap around after exchanging passes with Stuart McCloskey. Hume's dummy run created space for McKee to exploit and the 23 year-old darted over, with Morgan adding the extra two from the tee.
The Super Rugby side went into half time with a 19-14 lead after scoring their third three minutes before the interval.
Wilson took the ball on halfway and made a storming line break, drawing the cover before popping the ball to his scrum half, Tate McDermott, for an unopposed run in. McLaughlin-Phillips converted to extend the lead.
Ulster started the second half strong and were rewarded with a try on 44 minutes.
A strong carry from second row, Matt Dalton, stretched the Reds defence, with the ball being moved out wide to James Hume, who barged over in the corner to tie the score.
It was a special moment for Hume, who was playing his first match since an ACL tear last April. Morgan's conversion went wide.
Ulster were back in front on 50 minutes, the Reds tried to move the ball out of defence but a pass didn’t go to hand and replacement centre, Wilhelm De Klerk, scooped the ball up and set Mike Lowry free to show his pace and sprint over for an unconverted try.
The Reds scored their fourth try just before the hour mark after rampaging run from Heremaia Murray left Tim Ryan with a simple run in. Tom Lynagh, son of Wallabies legend Michael, added the conversion.
Ryan went over for his second try two minutes later, with Lynagh converting.
It was Murray’s turn to profit from space on 67 minutes, as the ball was moved wide for the winger to go over for the Reds sixth try.
Ulster kept going in the contest despite the scoreline and Stewart Moore showed his power and pace to get Ulster’s fifth try on 71 minutes. The replacement centre fended off a couple of defenders to touch down, with James Humphreys converting.
Ulster had a chance to snatch a late draw but from a tap penalty with the last play it was knocked on.
Despite the final scoreline, Ulster gained some valuable minutes for the squad, as the province gets ready for the return of United Rugby championship action next week against Italian side, Benetton.
Scores
Ulster:
Tries: Jacob Stockdale, Conor McKee, James Hume, Mike Lowry, Stewart Moore
Cons: Aidan Morgan x2, James Humphreys
Queensland Reds:
Tries Matt Faessler, Harry Wilson, Tate McDermott, Tim Ryan x2, Heremaia Murray
Cons Harry McLaughlin-Phillips x2, , Tom Lynagh x2
Teams
Ulster:
(15-9) J Flannery; Z Ward, J Hume, S McCloskey, J Stockdale; A Morgan, C McKee;
(1-8) A Warwick, T Stewart, C Barrett; A O’Connor, M Dalton; Matty Rea, L McLoughlin, D McCann.
Substitutes:
J McCormick, E O’Sullivan, B O’Connor, H Sheridan, T Brigg, D Shanahan, J Humphreys, W de Klerk, J Boyd, R Crothers, M Lowry, B Carson, S Moore, N Doak, K Treadwell.
Queensland Reds:
(15-9)J Campbell, T Ryan, F Dauguru, H Paisami, H Murray, T McDermott
(1-8) S Fa’agase, M Faessler, M de Lutiis, R Smith, A Blyth, C Vest, F McReight, H Wilson
Replacements
J Nasser, G Blake, Z Nonggorr, L Salakaia-Loto, J Bryant, L Werchon, T Lynagh, M Gordon.