The result left Iran still searching for a first continental championship since 1993, Persepolis also lost in the 2018 final. South Korea has a record 12 titles, five more than Japan.
“We have worked so hard in the past month or so and I want to thank the players,” Ulsan coach Kim Do-hoon said. “The final was tough against a very good team but we are delighted … to be champion of Asia.”
While Ulsan controlled the first half, a defensive mistake from Park Joo-ho allowed Mehdi Abdi to put Persepolis ahead with a low shot in the 45th minute.
Ulsan leveled just before the break. Yoon Bit-garam, who hit the post in the ninth minute, was brought down in the area by Ahmad Nourollahi.