The graffiti alludes to the fact that insulation manufactured by Kingspan made up 5% of that used in the tower block
The graffiti appeared on the walls and gates on Onslow Parade/Ravenhill Park.
The graffiti alludes to the fact that insulation manufactured by Kingspan made up 5% of that used in the tower block, which caught fire and led to the deaths of 72 people in 2017.
The insulation firm is Ulster Rugby’s shirt sponsor and also holds naming rights for their stadium in Ravenhill in south Belfast.
Ulster Rugby told the BBC it is in contact with the PSNI following the incident.
In a statement, it said: "The club would like to thank local residents for their ongoing help and support.
"No further comment will be made while the investigation is ongoing."
Police said the criminal damage was reported just after 11am on Monday.
PSNI Sergeant Whiteside appealed for witnesses to come forward.
“Just after 11am today, Monday 2nd January, we received a report of graffiti at a sports stadium in Ravenhill Park,” he said.
“Officers attended and noted a considerable amount of graffiti over the front of the premises.
“Our enquiries have just begun and we would appeal to anyone with information, particularly householders in the area who may have CCTV or other footage which may assist, to contact police at Strandtown on 101, quoting reference number 539 of 02/01/23.”
Last March, a billboard expressing solidarity with the Grenfell fire victims was erected close to the grounds on Mount Merrion Avenue ahead of a clash against Cardiff.
It was organised by the Northern Ireland-based campaign group Act Now, Uplift in the Republic, and 38 Degrees, which is based in Great Britain.
Campaigners had hoped the billboard would put Ulster Rugby under further pressure to cut corporate ties with Kingspan.