In 1991, 340 hectares (840 acres) of the western part of the island was heritage listed as Ulupna Island Flora Reserve, a place of natural significance on the former Register of the National Estate.[3] In 2010, the Ulupna Island Flora Reserve became part of Barmah National Park.[1]
The vegetation of the reserve is mainly river red gum (Eucalyptus camaldulensis) open forest.[2]
This area is very rich in plant species, including two rare or threatened species - the Mueller daisy (Brachyscome muelleroides) and Reader's daisy (Brachyscome readeri).[2][4] Ulupna is important for the Mueller daisy because of its restricted distribution in Victoria.[3]
Ulupna also provides important habitat for two threatened woodland birds, the grey-crowned babbler (Pomatostomus temporalis) and the superb parrot (Polytelis swainsonii). The grey-crowned babblers are a species that was once common in the woodlands of south-eastern Australia, Ulupna also provides habitat for superb parrots at the southern end of their range.[3]
Unlike most of the Barmah forest, Ulupna Reserve has not been extensively grazed or logged,[3] and provides an important reference area for studies of the impacts of these activities on other red gum forests in the region.[3] Ulupna also contains an excellent example of river red gum (Eucalyptus camaldulensis) open forest.[3]