Schmidt is leaving the club to take over as Ireland coach, but goes out on a high by adding the RaboDirect PRO12 title to the European Challenge Cup won a week previously.
Tries from Shane Jennings and Jamie Heaslip proved the difference, with Jonathan Sexton landing a conversion and four penalties, while Ulster could only respond through six Ruan Pienaar penalties.
But New Zealander Schmidt admitted Ulster's late push left him anxious prior to the final whistle.
"It was a pretty nerve-racking way to go out," he said. "I don't think we managed the last quarter of the game. We gave them the ball back too many times.
"Ulster are too good a team to give the ball back to. Those last few minutes were nerve-wracking to say the least.
"Ulster made it dramatic and I was delighted with our defence I think with the firepower they have it was fantastic to keep them try-less.
"You cannot keep them scoreless with Ruan Pienaar there - it didn't matter where the penalty was he just had no trouble knocking it over. I think he is a super player for them and we knew our discipline had to be good as a result.
"The PRO12 is very, very tough. It is a super competition. Anyone of the top six teams could have won it. When you do get through to the play-off games it is very tough all the way."
Schmidt reserved the bulk of his praise for this side's defensive effort against Mark Anscombe's Ulster.
"Our defence was first rate," he said. "We managed to hang in when they had a lot of pressure in the first half and in the last quarter we did pretty well. It's a massive credit to the team.
"It would be great to look back over the summer and enjoy a moment of reflection but already looking ahead, I have a new job and there is going to be a lot of pressure with that."
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