Ultherapy's transducers are not designed to fit the space confined to the lower eyelid skin from the eyelashes to the tear trough. Even with the new 1.5 millimeter deep small transducer, the treatment is not safe to treat right over the eye with the very thin skin of the eyelid in between. Ultherapy is a deep ultrasound for skin tightening, specifically the dermis, and does not help reduce fine lines. Laser resurfacing or Portrait plasma is the best for this issue.
The information provided in Dr. Shelton's answer is for educational purposes only and is not intended to constitute medical advice. The information provided should not be relied upon as a substitute for consultations with a qualified health professional who may be familiar with your individual medical needs
Web reference: http://www.thenyac.com/ultherapy/index.html