The 25 year-old was in contention for a Test start after picking up the Man of the Match award against the Golden Lions on his debut for Britain and Ireland's elite before being forced to return home early.
Having joined Ulster in 2005, Ferris has made 77 appearances for the province and will remain at Ravenhill until the summer of 2013.
"It means everything. This is home, I was born and raised here, Ulster is the team I've always followed and I have a huge desire to achieve something big with the club. I don't want to leave Ulster without winning something," said Ferris
"I'm competing against top quality players every single week for my place in the team, I've got to be training really hard and absolutely on top of my game to ensure I'm selected and that challenge keeps me hungry and makes sure that I am working to be the best player I can be."
"There is a definite sense that this is the start of something special. There's a buzz around the squad and organisation as a whole, not just amongst the players and staff but amongst our supporters."