Kingspan Group has been a sponsor of the side since 1999.
The renaming of the stadium follows a growing trend among many Premier League teams - changing the title of their long standing home ground to that of their sponsors.
Ulster Rugby's chief executive, Shane Logan said the new deal would "have considerable benefits for all of rugby in Ulster".
"We are delighted to have extended our partnership with Kingspan, one of Ulster’s most successful international companies, and to have secured a stadium naming rights partner for the first time," he said.
John Robinson of the IRFU said the new deal would "result in a highly significant investment for rugby".
"Rugby has never been stronger in Ulster and partnerships such as this will enable us to continue to grow the game at club and schools level and to remain competitive both in Europe and the PRO12," he said.
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