Munster had led 7-3 early on thanks to Luke O'Dea's try but Ulster hit back with scores of their own from Terblanche, John Afoa, Ian Humphreys and Ruan Pienaar to stun the defending RaboDirect PRO12 champions.
After Lifeimi Mafi was caught offside chasing Ian Keatley's kick on seven minutes Humphreys was presented with the chance to kick Ulster into the lead and the former Leicester fly-half made no mistake.
Undeterred by Mafi's early error, Keatley continued to try his luck with the boot and following strong Munster pressure the fly-half fired the ball out to the right wing where O'Dea collected and squeezed over in the corner.
Keatley converted to hand Munster a four-point lead only for Humphreys to respond with a penalty of his own.
The home side then took the lead when Munster full-back Denis Hurley was turned over in midfield and the ball was switched wide through the hands of Pienaar and Darren Cave to the left wing where veteran former South Africa wing Terblanche raced over for his first Ulster try.
Humphreys converted to the delight of the sell-out Ravenhill crowd and after Keatley spurned the chance to level with a penalty in front of the posts, Afoa followed in Terblanche's footsteps by claiming his first Ulster try after the ex-Springbok had again made headway down the left.
Humphreys converted once more to leave Munster, who only moments earlier looked like heading in at half-time level, trailing by ten points and having lost both Tommy O'Donnell and Tom Gleeson after a bruising 40 minutes.
Needing to strike first in the second-half to drag themselves back into the contest Munster shot themselves in the foot when Duncan Williams failed to collect the ball at the back of the scrum and Humpreys kicked, chased and collected the loose ball to score beneath the posts.
The fly-half spurned the extras and missed a 50th minute penalty but it was of little concern to the rampant hosts who took advantage of another Munster error at the scrum seven minutes later to release Pienaar who raced clear to secure the bonus point.
Ireland No.9 Tomas O'Leary was thrown on in a bid to solve Munster's problems at the scrum but when Keatley knocked on with the line gaping it seemed it wasn't to be their day.
Pienaar stretched Ulster's lead with 72nd minute penalty in front of the posts after Dave O'Callaghan was punished for coming in from the side at a ruck.
Johne Murphy finally crossed for a consolation score on 77 minutes which Keatley converted but it was too little, too late for the visitors.
|Ulster Rugby Score Card|
|Munster Rugby Score Card|