Andrew Trimble and Rob Herring will be joint Ulster captains for the 2016-17 campaign, taking over from Ireland skipper Rory Best.
Hooker Herring deputised for Best on numerous occasions last season, while winger Trimble is Ulster's most capped player with 206.
The experienced duo will replace Best, who had led both Ulster and Ireland since being appointed as national team captain in January this year.
"In the current landscape it's hard to guarantee that one player will be available of all the time, so the shared captaincy model will give us more flexibility and continuity throughout the season," director of rugby Les Kiss said.
"Rob and Andrew are two outstanding individuals who have the respect of everyone within the organisation and I'm delighted they have agreed to take on the captaincy."
Herring joined Ulster in 2012 and has made 97 appearances for the province, while Trimble made his debut against Cardiff in 2005.
"To be named a club captain of Ulster is an absolute honour and something that I will cherish for the rest of my life," South African-born Herring said.
Trimble added: "To be named as captain of my home province is extremely humbling and this is without doubt one of the proudest moments of my career.
"We are a close-knit group of players and we are lucky to have so many leaders to call upon."