The Strat Ultra had an alder body with flamed maple veneer top and back. The early versions had an American Deluxe 2-point bridge but later models had either the Deluxe pop-in bridge or a Fender Deluxe locking tremolo. The fingerboard was ebony with abalone dot position markers (although some early models had regular white dots). The Strat Ultra had Schaller staggered locking machine heads.

The tonal versatility of the Ultra came from its Fender-Lace Sensor pickups and control circuitry. It had two Red Lace Sensor pickups in the bridge position, a Gold (or Silver on some early examples) in the middle and Blue at the neck position. As well the 5-way pickup selector switch, the volume and the tone knobs, these Ultra had a TBX tone circuit for the middle/bridge pickups, and a 3-way mini-switch that allowed the dual Red Lace Sensors to be operated with the other two sensors in series (double coil pick-up, middle position) or selecting one of the two single-coil pickups (top and bottom positions). The 5-way switch was wired so that the total pickup combinations available are eleven. Pickups and controls were mounted in a 3-ply white-black-white or aged white pearloid pickguard (depending on year of production).

Fender described the Strat Ultra in the year it was introduced in the 1990 catalog:

"The new Strat Ultra is truly the guitar for the working pro. It's the most flexible Strat ever made.
Beginning with the pickups; four Fender-Lace Sensors - not really pickups at all. Their patented design delivers longer sustain, higher output, more accurate string balance and the clarity of a single coil - but without the hum or the annoying magnetic "string pull".
The unique combinations of its four sensors and special switching give you voices that range from sweet jazz tones to blues and R&B to the most classic single-coil to the heaviest metal. The kind of flexibility live performances demand.
And with its gorgeously figured maple top and back the Ultra is impressive to see - and be seen with."