The Pegasus name is an acronym of Physical Education Girls and Staff Ulster College and Stranmillis.

In 1967–68 they won their first Ulster double, winning both the Shield and the Senior League.

The club completed a treble, also winning the Ulster Shield and the Senior League.

Ayeisha McFerran was a member of their 2014–15 title winning team.

When Ireland won the silver medal at the 2018 Women's Hockey World Cup, the squad included two current or former Pegasus players, Ayeisha McFerran and Shirley McCay.