Henson will start at full-back after Wales coach Gareth Jenkins requested he be given game time there as he looks at options ahead of the Six Nations opener next weekend.
Despite beating Sale in their last game Ospreys failed to qualify for the Heineken Cup quarter-finals and will now need to focus their attention back on the Magners League.
"After a successful and physical encounter against Sale which ended a determined but ultimately unfruitful European campaign, it has been hard for us to refocus on our bread and butter competition in the Magners League," said Sean Holley.
"We were disappointed to have not qualified from a difficult pool and having lost only one game, however, there is no better way to get the mindset back than to face the current league leaders."
Ulster include Irish internationals Bryan Young and Tommy Bowe who have not been selected for Ireland's opening Six Nation fixture against Wales.
Stephen Ferris is welcomed back to the starting line up after being out of action for a number of weeks following a small operation to his hand.
Included in the replacements bench are Stuart Philpott and David Pollock who are yet to win their first Ulster caps. Also included on the bench is Bryn Cunningham who has been injured since the Boxing Day clash with Connacht.
Matt McCullough has not been included in the squad due to a neck injury picked up last weekend in Toulouse, it is hoped McCullough will resume training next week.
Ospreys: 15 Gavin Henson, 14 Nikki Walker, 13 Tal Selley, 12 Andrew Bishop, 11 Richard Mustoe, 10 Shaun Connor, 9 Justin Marshall, 8 Jonathan Thomas, 7 Richard Pugh, 6 Andy Lloyd, 5 Mike Powell, 4 Brent Cockbain, 3 Andrew Millward, 2 Huw Bennett, 1 Paul James (c).
Replacements: 16 Barry Williams, 17 Cai Griffiths, 18 Chris Martenko, 19 Lee Beach, 20 Steve Tandy, 21 Jason Spice, 22 Stefan Terblanche.
Ulster: 15 Mark Bartholomeusz, 14 Tommy Bowe, 13 Paul Steinmetz, 12 Kevin Maggs, 11 Paul McKenzie, 10 Adam Larkin, 9 Kieran Campbell, 8 Roger Wilson, 7 Kieron Dawson, 6 Stephen Ferris, 5 Tim Barker, 4 Justin Harrison (c), 3 Bryan Young, 2 Paul Shields, 1 Justin Fitzpatrick,
Replacements: 16 Stuart Philpott, 17 Declan Fitzpatrick, 18 Ryan Caldwell, 19 David Pollock, 20 Paul Marshall, 21 Scott Young, 22 Bryn Cunningham.
Date: Saturday 27th January 2007
Kick-off: 17.30 (GMT)
Venue: Liberty Stadium
Referee: Peter Allen (Scotland)
Touch judges: Tim Hayes (Wales), Gary Davies (Wales)