Cormac Izuchukwu, Nick Timoney, David McCann, Zac Ward, Nathan Doak and Tom Stewart scored tries for the home side, who played some excellent attacking rugby against a competitive Dragons side who fought well.
It was a special night for centre, James Hume, who lead the team out in what was his 100th appearance for his province.
With all the buzz of a new season kicking off and an exciting lineup, Ulster got off to the worst possible start after Dragons scored with just twelve seconds on the clock.
After a misjudgement from the kick-off, Welsh international back rower, Aaron Wainwright was able to kick and gather for a shock early score that stunned the crowd.
Despite the setback, Ulster showed good composure to get back on level terms through the power of Cormac Izuchukwu.
The giant forward bulldozing over from close range after a spell in the Dragons 22, with Nathan Doak converting.
Ulster were then dealt a further blow, after a clever Dragons grubber kick found the run of wing, Jared Rosser, who finished for the away side's second with not even 15 minutes on the clock. Tinus De Beer's conversion edged the Gwent men out to 7-14.
Ulster looked powerful each time they entered into the Dragons 22, and it was flanker, Nick Timoney, who scored a vital try, muscling over from close range like Izuchukwu before. Doak again levelled the scoreline from the tee.
With the scores back level, the home side were making more ventures into the Dragons half and the backs were starting to play some scintillating attacking rugby.
Ulster took the lead after a stunning run and try assist from Michael Lowry, who was showcasing his electric speed and ability.
Lowry's line break was cutting and he provided a superb offload after being tackled to number eight, David McCann, who dotted down well in the corner to give the home side the lead for the first time. Doak's conversion from the touchline was nailed to give Ulster a cushion of 21-14.
Before the half was up, Zac Ward would get in on the act, with Lowry the provider once again.
Ulster moved the ball quickly through the hands and on the right wing, Lowry was again able to find the back-handed offload to Ward, who had too much power for the Dragons defence, stretching over for the bonus-point fourth try.
Doak's conversion brought the scoreline to 28-14 at half-time.
HT: Ulster 28-14 Dragons
After the restart, Ulster kept the foot on the gas and this time it was scrum-half, Nathan Doak, who was able to finish, after a lovely assist from Zac Ward, whose power and running was causing all sorts of problems for the away side. Doak converted his own try for a fifth successful conversion of the night, taking his points total to 15 for the evening.
Dragons flanker, Shane Lewis-Hughes, would grab a converted score back for the away side, who kept fighting despite the difference in the scores.
Ulster fans roared when skipper, Iain Henderson, showed his top level IQ around close quarters, ripping the ball from Dragons hands in the midst of a maul for the turnover.
TightheadpProp, Tom O'Toole, also had an impressive showing, making a turnover when Dragons were on the attack and looking solid in the scrum all evening.
The home support got a welcome first sight of new summer signing, Juarno Augustus, who came on for his debut from the bench.
Replacement hooker, Tom Stewart, who looked very sharp from the bench, managed to score a sixth try deep in stoppage time, with the Ireland international forward peeling off the back of a lineout maul to sprint through a gap in the Dragons defence.
Jake Flannery's conversion brought the final whistle and Ulster began the season with a vital bonus-point victory at home.
Next week Richie Murphy's side will travel to the Scottish capital to take on Edinburgh at Hive Stadium.
BKT United Rugby Championship Player of the Match - Zac Ward
Ward picked up where he left off after the pre-season match against Edinburgh, with the winger putting on a thrilling display again at Affidea Stadium.
Ward's link up play was exciting all night and he had a big hand in tries for David McCann and Nathan Doak, as well as his own score.
His catching around the high balls was also a strong point as Ulster looked to quickly build. With his power, speed and game IQ, Ward is showing some exciting potential for the season ahead.
Scorers
Ulster:
TRY: Izuchukwu, Timoney, McCann, Ward, Doak, Stewart
CON: Doak x5, Flannery
Dragons:
TRY: Wainwright, Rosser, Lewis-Hughes
CON: De Beer x3
Teams
Ulster:
15. Lowry, 14. Ward, 13. Hume, 12. McCloskey, 11. Stockdale; 10. Murphy, 9. Doak; 8. McCann. 7. Timoney, 6. Izuchukwu, 5. Sheridan, 4. Henderson (C), 3. O'Toole, 2. Herring, 1. Reid
Replacements: Stewart, Crean, Wilson, Dalton, Augustus, McKee, Flannery, Carson.
Dragons:
Angus O’Brien (CC), Rio Dyer, Joe Westwood, Aneurin Owen, Jared Rosser, Tinus de Beer, Rhodri Williams; Wyn Jones, Elliot Dee, Rob Hunt, Matthew Screech, Ben Carter (CC), Shane Lewis-Hughes, Harrison Keddie, Aaron Wainwright
Replacements: Brodie Coghlan, Rodrigo Martinez, Dillon Lewis, Levi Douglas, Mackenzie Martin, Che Hope, Fine Inisi, Huw Anderson
Attendance: 9563
Referee: Griffin Colby (SARU)