"We've had three good warm-up games in August that have allowed the management to trial a wide range of players but it only starts counting from now.
"We are looking forward to testing ourselves in the tournament opener against last season's winners."
Neither Court or Wallace took part in Ulster's pre-season games, the highlight of which was last week's 19-16 victory over Leeds Carnegie at Ravenhill.
While Ruan Pienaar and BJ Botha remain on Tri Nations duty with South Africa, their fellow Springboks Johann Muller and Pedrie Wannenburg are poised to make their Magners League debuts for Ulster.
Australian triallist Adam D'Arcy, who had an impressive outing against Leeds Carnegie, has made the cut in the backs, along with Queen's University starlet David McIlwaine.
But Andrew Trimble, Bryn Cunningham, Simon Danielli, Jamie Smith, David Pollock and new Ireland caps Dan Tuohy and Chris Henry remain on Ulster's injury list.
Tickets for Friday's match are available to pre-purchase from the Ulster Rugby website or the Ravenhill Ticket Office on 028 90 493222.
ULSTER Squad (v Ospreys) - Backs (11): Adam D'Arcy, David McIlwaine, Nevin Spence, Mark McCrea, Tommy Seymour, Jonny Shiels, Darren Cave, Ian Whitten, Paddy Wallace, Ian Humphreys, Niall O'Connor.
Forwards (16): Tom Court, Paddy McAllister, Bryan Young, Declan Fitzpatrick, Adam Macklin, Rory Best, Nigel Brady, Andi Kyriacou, Tim Barker, Johann Muller, Ryan Caldwell, Willie Faloon, Thomas Anderson, Robbie Diack, Stephen Ferris, Pedrie Wannenburg.