Upon seeing displays by the Thunderbirds, the Blue Angels, and the Snowbirds, Colonel Rososhansky decided to create a similar team, and in late 1995 the Ukrainian Falcons were born.

The main reasons for the team's demise include the airshow disaster as well as a poor supply of fuel and spare parts from Ukrainian authorities for regular training flights.

[2] During the initial days of the war in Donbas in April 2014, a MiG-29 formerly belonging to the team was spotted armed with a full air-to-air load and performing a low altitude flyby over the Donetsk region.

[8] On 13 October 2022, a MiG-29 wearing a livery similar to the Ukrainian Falcons aircraft was lost on a combat mission in Vinnytsia Oblast while intercepting Iranian Shahed 136 drones used by Russian forces.

[9] Ukrainian Falcons member Lt. Col. Volodymyr Toponar was the chief pilot of the Sukhoi Su-27 that crashed during the Sknyliv airshow disaster in 2002 (survived with injuries).