The 2012 Heineken Cup finalists have eight points from two games going into the December double header with Benetton Treviso as they look to reach the knockout stages for the fourth year running.
Henry has started both of his side's European fixtures in the current campaign, having done the same in all seven ties during Ulster's run to the quarter finals last term.
The Ireland back row was a starter in eight of the nine fixtures when Ulster made the final of the continent's top competition 17 months ago and has long been a key figure for the Belfast-based province both on and off the field.
Capped eight times by his country, the 29-year-old follows star scrum-half Ruan Pienaar in committing his future to Ulster for another three seasons, meaning he is now under contract until the summer of 2017.
"I am delighted to have committed to Ulster for the long-term. This squad is getting better and better," said Henry, who has made more than a century of appearances for Ulster.
"We have experience, as well as young players coming through who are proving that they can perform at the very highest level. It's 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.
"From a personal point of view, I want to win more caps for Ireland and my aim is to be part of the World Cup squad in 2015. In my opinion, being at Ulster gives me the best chance to fulfill that ambition."
The news is a major plus for Ulster head coach Mark Anscombe and director of rugby David Humphreys, with the latter delighted to see one of the side's most respected figures sign on for more.
"Chris has been a cornerstone of our success in recent years. His performance against Montpellier typified what he brings to the Ulster team, namely commitment, intensity and ferocity at the breakdown," said Humphreys.
"It would be hard to find anyone who is more passionate about playing for Ulster than Chris Henry and I am extremely pleased that he will be part of the squad until at least 2017."