The equi-biaxial tensile properties of strain-hardening UHPFRC are determined and investigated based on an original analytical inverse analysis of results from ring-on-ring tests. First, the analytical inverse analysis method is developed based on the elastic slab bending and yield line theories. Using this method, a new objective criterion for the determination of the elastic limit stress of strain-hardening UHPFRC is provided, and a point-by-point inverse analysis is used to obtain the strain value at the end of hardening. This method reduces uncertainties regarding assumptions and avoids any iterative procedures. The inverse analysis results are put into perspective with experimental evidence, particularly based on DIC measurements. Moreover, the uniaxial tensile properties are also derived from the inverse analysis of 4PBT results and compared with the equi-biaxial tensile properties from the proposed inverse analysis. The inverse analysis results show a 18% lower elastic limit stress, and almost equivalent tensile strength of UHPFRC subjected to equi-biaxial stresses, compared with the corresponding values from uniaxial stress. Moreover, a relatively small equi-biaxial strain at the end of hardening is highlighted.